The partnership of Mara. Teri, and Rita has been suffering financial difficulty. Partners decided to liquidate. The condensed statement of financial position of Mara, Teri and Rita on this date is as follows: Mara, Teri and Rita Partnership Statement of financial position December 31,20191 Assets Llities & Capital Cash P 20,000 Accounts payable P 40,000 Other assets 240,000 Mara, Capital 102,000 Teri. Capital 88,000 Rita. Capital 30.000 Total assets P 260,000 Total Liabilities & P 260,000 Capital The profit and loss ratio is : Mara, 30% : Teri. 20% and Rita. 50%. Rita has no personal assets other than her interest in the partnership. The non-cash assets were sold for P 160,000. Any deficient partner is insolvent, while others are solvent Required: a. Prepare the statement of partnership liquidation b. Prepare entries to record the liquidation of the partnership