Problem I The balance sheet of Yong, Mimay, & Tin Partnership prior to liquidation included the following: Assets Liabilities Loan payable to Yong Yong, capital Mimay, capital Tin, capital P 120,000 30,000 10,000 32,000 30,000 18,000 The three partners shared net income and losses in a 5:3.2 ratios, respectively. Noncash assets realized P60, 000, resulting in a loss of P10, 000.Creditors were paid in full, partners were paid P25, 000, and cash of P5, 000 was withheld pending future developments Required: Prepare undated journal entries to record the foregoing transactions and events show supporting computation for the journal entries presented