Question: 1. Triangle, Square and Round formed a partnership. Triangle contributed cash of P80,000. Square contributed equipment with historical cost of P700,000, carrying amount of P180,000,

1. Triangle, Square and Round formed a partnership. Triangle contributed cash

1. Triangle, Square and Round formed a partnership. Triangle contributed cash of P80,000. Square contributed equipment with historical cost of P700,000, carrying amount of P180,000, and fair value of P90,000. Round contributed building with historical cost of P1,000,000, carrying amount of P480,000 and fair value of P690,000. The partnership will assume the unpaid mortgage of P580,000 on the building. Which partner has the least capital account balance on partnership formation? a. Triangle c. Round b. Square d. None, all are equal

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