After several years of operations, the partnership of Miranda, Leon and Estoque is to be liquidated. After making the closing entries on March 31, 2019 the following accounts remained open: Account Balance Credit Account Title Debit P 150,000 Cash Other Assets Liabilities Miranda, Capital Leon, Capital Estoque, Capital 2,600,000 P 750,000 400,000 600,000 1,000,000 The non-cash assets are sold for P2,150,000. Profits and losses are shared equally. Required: Prepare a statement of partnership liquidation and the entries to record the following: 1. Sale of all non-cash assets. 2. Distribution of loss on realization to the partners. 3. Payment of the liabilities

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