D, E and Fare partners in DEF Partnership. A condensed statement of financial position of the company on April 27, 2016, the day the partners decide to liquidate the business is presented as follows: DEF Partnership Statement of Financial Position April 26, 2016 Assets P 28,000 2,000 9,000 21,000 40,000 Cash Other Assets P 20,000 80,000 Liabilities D, Loan D, capital (40%) E, capital (40%) F, capital (20%) Total Assets P100,000 Total Liabilities and Capital P 100,000 CASE 3: Loss on Realization Resulting Capital Deficiency to a Solvent Partner Assume that the Other Assets were sold for P49,500, thus, resulting to a loss of P30,500 to be divided among the partners using the profit and loss ratio. After the distribution of loss, D's capital account would result to a debit balance of P3,200. Offsetting the entire amount of D's loan account against his capital account still leaves his capital account with a debit balance of P1,200. D has to invest additional cash to fully eliminate his deficiency. Requirement a. Prepare the Statement of Liquidation as of April 26,2016. b. Journal entries required to record the liquidation transactions.