NAME: SECTION: Problem #18 SCORE: PROFESSOR: Installment Liquidation: Cash Priority Program The capital and loan balances for partners Bernardino, Lee and Ong are shown below. They share profits or losses in the ratio of 4:4:2, respectively. Loans Payable-Bernardino Loans Payable-Lee Loans Payable-Ong Bernardino, Capital Lee, Capital Ong, Capital P 100,000 100,000 150,000 150,000 350,000 200,000 P1,050,000 Required: 1. Prepare a cash priority program. 2. Assume that P250,000 cash is available for initial distribution, prepare the entries to record the distribution to the partners