CHAPTER 4 - FINAL PROJECT The statement of financial position for Paraiso and Ligeralde Partnership on June 1, 2018 before liquidation is as follows: Cash Other Assets Total Assets Assets Liabilities and Capital 50,000 550,000 Liabilities 200,000 Paraiso, Capital 600,000 Ligeralde, Capital Total Liabilities and Capital 600,000 225,000 175,000 Partners Paraiso and Ligeralde share profits and losses 60:40, respectively. In June assets with a book value of P220,000 were sold for P180,000, creditors were paid in full, and P20,000 was paid to partners. In July, assets with book value of P100,000 were sold for P120,000, liquidation expenses of P5,000 were paid and cash of P125,000 was paid to partners. In August, the remaining assets were sold for P225,000. Required: Prepare the statement of liquidation and journal entries using the schedule of safe payments and cash priority program.