NAME: SECTION: Problem #20 Installment Liquidation SCORE: PROFESSOR: Espeleta and De Guia decided to dissolve and liquidate Espeleta and De Guia on Sept. 23, 2019. On that date, the statement of financial position of the partnership is as follows: Espeleta and De Guia Statement of Financial Position Sept. 23, 2019 Assets Cash P 5,000 Liabilities and Partners' Capital Accounts Payable-Trade P 15,000 Other Assets 100,000 Loan Payable-De Guia 10,000 Espeleta, Capital 60,000 De Guia, Capital 20,000 Total P105,000 Total P105,000 On Sept. 23, 2019, non-cash assets with a carrying amount of P70,000 realized P60,000, and P64,000 was paid to creditors and partners, P1,000 being retained to cover possible liquidation costs. On Oct. 1, 2019, the remaining non-cash assets realized P18,000 (net of liquidation costs), and all available cash was distributed to partners. Espeleta and De Guia share profits and losses 40% and 60%, respectively. Required: 1. Prepare the cash priority program. 2. Prepare the journal entries to record the realization of assets and distribution of cash to creditors and partners