V. Installment Liquidation: Cash Priority Program Pepsi and Coke decided to dissolve and liquidate their partnership on Sept. 23, 2020. On that date, the statement of financial position of the partnership is as follows: Assets Liabilities & Capital Cash P5,000 Accounts Payable P 15,000 Other Assets 100,000 Loan Payable - Coke 10,000 Pepsi, Capital 60,000 Coke, Capital 20,000 Total Assets P 105,000 Total Liabilities & Capital P 105,000 On Sept. 23, 2020, non-cash assets with a carrying amount of P 70,000 realized P60,000, and P64,000 was paid to creditors and partners, P 1,000 being retained to cover possible liquidation costs. On Oct. 1, 2020, the remaining non-cash assets realized P 18,000 (net of liquidation costs), and all available cash was distributed to partners Pepsi and Coke who share profits and losses 40% and 60%, respectively. Required: a) Prepare the cash priority program. b) Prepare the liquidation journal entries and the statement of liquidation