On December 1, 2019, Molina and Cordova agreed to invest equal amounts and share profits equally...
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On December 1, 2019, Molina and Cordova agreed to invest equal amounts and share profits equally to form a partnership. Molina invested P780 000 cash and a piece of equipment. Cordova invested some assets which are shown below: Account Titles Account Receivable Inventory Machineries, net Intangibles, net Book Value P100 000 P280 000 P560 000 P230 000 The assets Invested by Cordova are not properly valued. P8 000 of the accounts receivable are proven uncollectible. Inventories are to be written down to P260 000. • Included in the machineries is an obsolete apparatus acquired for P96 000 with an accumulated depreciation balance of P84 000. Part of the intangibles is patent with a carrying value of P14 000 which was sued upon by a competitor, Cordova unsuccessfully defended the case and the final decision of the court was released on November 29, 2019. What is the fair value of the equipment invested by Molina? On December 1, 2019, Molina and Cordova agreed to invest equal amounts and share profits equally to form a partnership. Molina invested P780 000 cash and a piece of equipment. Cordova invested some assets which are shown below: Account Titles Account Receivable Inventory Machineries, net Intangibles, net Book Value P100 000 P280 000 P560 000 P230 000 The assets Invested by Cordova are not properly valued. P8 000 of the accounts receivable are proven uncollectible. Inventories are to be written down to P260 000. • Included in the machineries is an obsolete apparatus acquired for P96 000 with an accumulated depreciation balance of P84 000. Part of the intangibles is patent with a carrying value of P14 000 which was sued upon by a competitor, Cordova unsuccessfully defended the case and the final decision of the court was released on November 29, 2019. What is the fair value of the equipment invested by Molina?
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