Problem 1: Assume the data for QRS Partnership had the condensed balance sheet just before liquidation on November 1, 20x4, thus, reports the balances as follows: Assets Cash Noncash assets 20,000 70,000 Liabilities and Capital Liabilities 10,000 Q, loans 2,000 Q, capital (30%) 8,000 R, capital (50%) 40,000 S, capital (20%) 30,000 90,000 Total 90,000 Following are the data available before liquidating the partnership: a. Prepaid expenses amounted to P7,000 were refunded to the partnership with the exception of P1,200 that was forfeited. b. R agreed to personally take certain equipment having a P5,000 book value. (The partners estimated its current value at P6,000) c. S agreed to personally take certain furniture having a P3,000 book value. (The partners estimated its current value at P2,500.) d. The remaining noncash assets were realized at P27,000. Required: Statement of realization and liquidation. Show all computations in good form. (20 points)