The Statement of Financial Position of the partnership of Mel, Bong and Ron on December 31, 2020, when the partners decide to liquidate follows: Assets Cash Other Assets Total Assets P200,000 500,000 P 700,000 Liabilities and Owners' Equity Liabilities Mel, Loan Mel, Capital (30%) Bong, Capital (40%) Ron, Capital (30%) Total Liabilities and Owners' Equity P 250,000 70,000 200,000 30,000 150,000 P700,000 Cash is realized for Other Assets as follows, and amounts realized are distributed at the the end of each month to the appropriate parties. 2021 January February Asset Book Value P300,000 200,000 Cash Proceeds P160,000 100,000 In January the partnership incurred expenses related to the liquidation amounting to P50,000. Required: 1. Prepare schedule of safe payments and Cash Priority Program. 2. Prepare statement of liquidation. 3. Prepare journal entries to record the liquidation. The Statement of Financial Position of the partnership of Mel, Bong and Ron on December 31, 2020, when the partners decide to liquidate follows: Assets Cash Other Assets Total Assets P200,000 500,000 P 700,000 Liabilities and Owners' Equity Liabilities Mel, Loan Mel, Capital (30%) Bong, Capital (40%) Ron, Capital (30%) Total Liabilities and Owners' Equity P 250,000 70,000 200,000 30,000 150,000 P700,000 Cash is realized for Other Assets as follows, and amounts realized are distributed at the the end of each month to the appropriate parties. 2021 January February Asset Book Value P300,000 200,000 Cash Proceeds P160,000 100,000 In January the partnership incurred expenses related to the liquidation amounting to P50,000. Required: 1. Prepare schedule of safe payments and Cash Priority Program. 2. Prepare statement of liquidation. 3. Prepare journal entries to record the liquidation