Question: compute the problem, highlight the final answer and show solution PROBLEM 5 Josh and his best friend Michael formed a partnership on January |, 2024.

compute the problem, highlight the final answer and show solution

PROBLEM 5 Josh and his best friend Michael formed a partnership on January |, 2024. These are the following events that occurred throughout the year: Josh * 1/1/2024 Cash contribution P180,000 * 10/1/2024 Withdrawal P30,000 Michael * 1/1/2024 Equipment P54,000 (Fair value) P77,000 (Book value) = /1/2024 Additional investment P45,000 * 7/1/2024 Additional investment P20,000 If the two partners allocate profits based on average capital ratio, what amount will Michael receive if the partnership incurred a profit of P450,000? a) P268,135 c) P291,276 b) P158,724 d) P181,865

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