Problem 4: Partners Bee, Cee, Dee and Lee have decided to dissolve their partnership. They plan to sell the assets gradually in order to minimize losses. All available cash less the amount retained to provide future expenses, is to be distributed to the partners at the end of each month. They share profits and losses as follows: Bee, 40%; Cee, 35%; Dee, 15% and Lee, 10%. The partnership trial balance as of December 31, 2019, the date on which liquidation begins, is as follows: Non cash assets P 885,000 Accounts Payable P 130,000 Notes Payable 250,000 Bee, loan 60,000 Cee, loan 20,000 Dee, Loan 80,000 Bee, capita 80,000 Cee, capital 85,000 Dee, capital 100,000 Lee, capital 80,000 P 885.000 P 885,000 A summary of the liquidation transactions is as follows: Cash Liquidation Cash distributed Realized Expenses Paid to the partners January, 2020 P 415,000 P 3,000 P 25,000 February, 2020 60,000 2,000 60,000 March, 2020 (final distribution) 70,000 1,000 The personal assets and liabilities of the partners are as follows: Bee Cee Dee Lee Personal assets P 160,000 P 50,000 P 90.000 P 100,000 Personal Liabilities 70,000 90,000 80,000 55,000 REQUIRED: 1. Prepare a statement of liquidation for the partnership with schedules of safe payments to partners. 2. Journal entries to record the liquidation 3. Prepare a cash priority program , showing how cash will be distributed among the partners by installments as it becomes available. 4. Using the program above, prepare schedules summarizing the payments to be made to partners at the end of each month. Indicate what part of the payments are to be applied against loan balances and against capital balances