The partnership of Lucena Watin and Julie Ann Veloso has come to an end. Upon their urgent request, the accountant prepares the Statement of Financial Position as follows: Liabilities and Partners' Equity Assets Cash P 20,000' Liabilities P 60,000 80,000 .L. Watin, Loan 10,000 Inventories Furniture & Fixtures 100,000 L. Watin, Capital 40,000 J. Veloso, Capital 90,000 Total Liabilities & Total P 200,000 Partners' Equity P200,000 Non-cash assets were realized for P85,000. The partners profit and loss sharing was 60%-40% respectively. Required: A Prepare Statement of Partnership liquidation assuming: 1. Watin is solvent partner. 2. Watin is an insolvent partner. B : Journal entry to record the partnership liquidation under the two (2) assumptions. The partnership of Jay Saberon and Ariane Lopez is going to be dissolved and liquidated. Their liability and capital account balances are as follows: Accounts Payable P20,000 J. Saberon, Loan 5,000 J. Saberon, Capital 8,000 A. Lopez, Capital 25,000 Their bank pass book shows a cash deposit under their business name of P3,000 which reconciles with the ledger balance. All non-cash assets were sold for P40,000. The partners share profit and loss on the ratio of 4:1. Required: 1. Statement of Partnership Liquidation 2. Journal entries pertinent to the liquidation process