Problem #1 Lump-Sum Liquidation Gulane, Tormis, and Sailadin decided to liquidate their partnership on June 30, 2020. The partners shared profits and losses in the ratio of 2:2:1, respectively. The firm's post-closing trial balance follows: Gulane, Tormis and Sailadin Post-CLosing Trial Balance June 30, 2020 Credit Debit P 419,170 612,300 472,680 Account Name Cash Merchandise Inventory Other Assets Accounts Payable Gulane, Capital Tormis, Capital Sailadin, Capital P 131,350 561,600 436,800 374,400 P1,504,150 P1,504,150 The merchandise inventory and the other assets were sold for P582,800 and P550,900, respectively. Required: Prepare the liquidation journal entries