The following adjusted balances were taken from the ledgerof EBC Trading on December 31, 2016 . Here are the entries, Cash 350,000. Accounts Receivable 33,950. Interest receivable 1,500. Merchandise , January 1 50,000. Supplies 2,650. Prepaid rent 40,000. Equipment 75,000. Accumulated Depreciation 25,000.Accounts Payable 15,000. Notes Payable 10,000. Interest Payable 1,000. E. Capital 50,000. E. Drawing 10,000. B Capital 75,000. B Drawing15,000. C Capital 100,000. Sales 980,650. Sales Discount 5,500. Sales Returns 3,500. Purchases 455,000. Purchase Returns 7,500.Purchase Discount 3,300. Sales Salary Expense 97,000. Supplies Expenses 16,600. Rent Expense 80,000.Utilities Expenses 24,000. Insurance Expenses 8,250. Interest Expense 1,000. Interest Income 1,500. Total 1,268,950.

Prepare a statement of liquidation effecting all the non-cash assets were sold for P100,000 except the interest receivable and the prepaid rent which will be written off.