Requirement #3: 3a. Prepare a Cash Priority Program for the MSL Manufacturing Company 3b. Prepare a Statement of Partnership Liquidation, in good form. Assume that Non-Cash Assets were liquidated for P1,900,000, all liabilities were paid in full, and liquidation expenses of P345,000 were also paid. 3c. The partners invited other investors to form New Kutawato Corporation. After application to and approval by the Securities and Exchange Commission (SEC), the corporation was authorized to issue 1,000,000 ordinary shares with a par value of P5. Manuel, Santos, and Limba used all the cash they received from the previous partnership to purchase ordinary shares as follows: Manuel, 50,000 shares; Santos, 150,000 shares; Limba, 70,000 shares; while each of the other five investors paid for P100,000 worth of ordinary shares. Prepare journal entries to record the (1) authorization, and (2) the issuance of the ordinary shares to the incorporators. 3d. At the end of the accounting period on December 31, 2021, the corporation reported a profit of P1,763,900, and declared and paid 40% of this profit as cash dividends to its stockholders. Prepare journal entries on December 31, 2021 to record the (3) profit earned, (4) declaration and (5) payment of cash dividends. 3e. Prepare, in good form, a Statement of Shareholders' Equity of New Kutawato Corporation for the period ended December 31, 2021