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Truly, Honest and Integrity are partners in a company that is being liquidated. They share profits and losses 60 percent, 10 percent, 30 percent,
Truly, Honest and Integrity are partners in a company that is being liquidated. They share profits and losses 60 percent, 10 percent, 30 percent, respectively. When the liquidation begins, they have capital account balances of P1M, P4M, and P5M, respectively. Cash amounted to P3M, noncash assets at P17M and liabilities at P10M. All noncash assets are sold during the liquidation process and liquidation expenses amounting to P2M were paid. All partners are personally insolvent and Honest received a total of P2.5M at the end of liquidation. What is the amount received by Integrity at the end of liquidation?
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