Question: Please explain thoroughly and use proper table for cash priority program. Thank you. Problem #22 Installment Liquidation On Nov. 10, 2019, De Guzman, Seechua, and

Please explain thoroughly and use proper table for cash priority program. Thank you.

Please explain thoroughly and use proper table for cash priority program. Thank

Problem #22 Installment Liquidation On Nov. 10, 2019, De Guzman, Seechua, and Longalong, partners had capital account balances of P20,000, P25,000, and P9,000, respectively, and share profits or losses in a 4:2:1 ratio. Required: 1. Prepare the cash priority program assuming that liabilities totaled P20,000 on Nov. 10, 2019. 2. If De Guzman received P4,000, how much cash was paid to all partners? 3. If De Guzman received P13,000, how much did Longalong get? 4. If Seechua received only P11,000 as a result of the liquidation, what was the loss on realization of partnership assets (assuming that no partner invested any additional assets in the partnership)

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