Select the best answer for each of the following questions. The condensed statement of financial position as of January 1, 2019 of ABC Corporation is undergoing liquidation and has provided the following information: ABC CORPORATION Statement of Financial Position As of January 1, 2019 ASSETS Cash Accounts Receivables Merchandise Inventory Prepaid expenses Building (net) Goodwill Total Assets P 57.100 170,400 40,000 1,250 172,500 27,500 P 468.750 LIABILITIES AND SHAREHOLDERS' EQUITY Accrued Salaries Payable P 25,00 Accounts Payable 54,250 Mortgage Payable 200,000 Loan Payable 110,000 Note Payable 40,000 Ordinary shares 60,000 Deficit (20,50 Total Liabilities and Equity P 468,750 a) The mortgage payable is secured by the building having a realizable value of P180,000. b) Accounts payable amounting to P30.000 is secured by receivables amounting to P42.600 which is collectible in the amount of P34,080. The balance in the book value of the receivables which has a realizable value of P117.500 is used to secure the loan payable c) The inventory has a realizable value of P26 500. In addition to the recorded liabilities are accrued interest on mortgage payable amounting to P2,000, liquidation expenses amounting to P4.750 and taxes amounting to P2,000 (use two decimal places for the recovery percentage) Which of the following statements is wrong? O Estimated loss on asset realization is P53,570 O Payment to partially secured creditors is P196,179 O Payment to unsecured creditors without priority is P47,249 50 O The estimated deficiency to unsecured creditors is P22,820. rch