Don’t use v120_xp toolset, since it doesn’t match what Panda was built with. Only the WindowsSDK7.1 toolset will work if you are using a build of Panda 1.9. If you are using a Python 3 build of Panda 1.10, you can use the v140 or v140_xp toolset, so you could give that a try.
As for the linker error, that suggests that C:\Panda3D-1.9.4\lib wasn’t added to your library directories.