Problem 5 (Installment Liquidation) Red, White and Blue are partnerssharing profits in the ratio of 40:35:25. On December 31, 2016, they agree to liquidate. A statement of financial position prepared on this date follows: Assets Liabilities & Equity Cash P2.000 Liabilities P6,000 Other Assets 46,000 White, loan 5,000 Blue loan 2,500 Red, capital 14,450 White, capital 12.550 Blue, capital 7.500 Total Assets P48.000 Total Liabilities & Equity P48.000 The results of liquidation are summarized below: Cash withheld at Assets End of Month for Cash Liquidation Estimated Future Realizations Book Valne Realised Expenses Expense January P 12,000 P 10,500 P 500 P2,500 February 7,000 6,000 750 1,250 March 15,000 10,000 600 500 12,000 4,000 400 All cash available, except the amount withheld future expenses is distributed at the end of each month. April Instruction: 1. Prepare a statement of partnership liquidation with supporting schedule of safe payments. 2. Prepare a cash distribution program with supporting schedule of payments