On April 1, 2021, A1, A2, A3 formed a partnership by combining their separate business proprietorships. A1 contributed cash of P200,000, A2 contributed property with a carrying amount of P 144.000, onginal cost of P160,000 and fair value of P320,000. The partnership accepted responsibility for the P140.000 mortgaged attached to the property, A3 contributed equipment with a carrying amount of P120,000, original cost of P300.000, and fair value of P220,000. The partnership agreement specifies that profits and losses are to be shared equally. How much is the property contributed by A2 to be recorded on April 1, 20217

On April 1, 2021, A1, A2, A3 formed a partnership by combining their separate business proprietorships. A1 contributed cash of P200,000, A2 contributed property with a carrying amount of P 144.000, onginal cost of P160,000 and fair value of P320,000. The partnership accepted responsibility for the P140.000 mortgaged attached to the property, A3 contributed equipment with a carrying amount of P120,000, original cost of P300.000, and fair value of P220,000. The partnership agreement specifies that profits and losses are to be shared equally. How much is the property contributed by A2 to be recorded on April 1, 20217

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter20: Corporations And Partnerships

Section: Chapter Questions

Problem 55P

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