The following is the statement of financial position of MEC Partnership as of June 30, 20YY: MEC Partnership Statement of Financial Position June 30, 20YY The partners agreed to distribute the profits as follows: 1. Interest on ending capital of 10%. 2. Annual salaries to Elizabeth and Cecilia of P120,000 each. 3. Remainder: Margaret- 40\%; Elizabeth-30\% and Cecilia30%. Required: Record the distribution of the net income amounting to P250,000 generated by the partnership during the sixmonth period ending June 30,20YY