Question 1 (Note: Use this problem to answer all questions in this quiz.) Twitter, Angry, and Flappy of Bird Partnership showed the following condensed information from their statement of financial position as of December 31, 2021: ASSETS LIABILITIES & OWNERS' EQUITY Cash P 12,000 Accounts Payable P 40,000 Noncash Assets 212,000 Joy, Loan 8,000 Art, Loan 8,000 Emmy, Loan 16,000 Joy, Capital 30,400 Emmy, Capital 57,600 Art, Capital 80,000 P 232,000 P 232,000 Profit and losses were shared as follows: Joy, 30%; Emmy, 30%; and Art, 40%. It was decided to liquidate the business. The following is a summary of the realization and liquidation activities: Book Value of Cash Liabilities Period Asset Realized Collected Expenses Paid P104,000 P64,000 P3,200 P40,000 2nd 60,000 40,000 3,200 48,000 24,000 1,600 Suppose that you prepared a CASH PRIORITY PROGRAM. How much will Emmy receive. if any, under Priority 1? 65.333