and B formed a partnership on January 1, 2022. A contributed cash of P480,000 and B contributed land with a fair value of P640,000. The partnership assumed the mortgage on the land which amounted to P160,000 on January 1. B originally paid P360,000 for the land. On July 31, 2022. the partnership sold the land for P800,000. How much is the share of B in the gain on sale of the land in the p
and B formed a partnership on January 1, 2022. A contributed cash of P480,000 and B contributed land with a fair value of P640,000. The partnership assumed the mortgage on the land which amounted to P160,000 on January 1. B originally paid P360,000 for the land. On July 31, 2022. the partnership sold the land for P800,000. How much is the share of B in the gain on sale of the land in the p
Chapter10: Partnerships: Formation, Operation, And Basis
Section: Chapter Questions
Problem 29P
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A and B formed a partnership on January 1, 2022. A contributed cash of P480,000 and B contributed land with a fair value of P640,000. The partnership assumed the mortgage on the land which amounted to P160,000 on January 1. B originally paid P360,000 for the land. On July 31, 2022. the partnership sold the land for P800,000.
How much is the share of B in the gain on sale of the land in the partnership's financial statements?
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