\fl: Question 1 10 pts Problem 1 (use bonus method where applicable): The capital account balances and profit/loss sharing ratios of MNOP partnership are as follows: Mong (30%) 60,000 Nong (20%) 50,000 Ong (40%) 50,000 Pong (10%) 40,000 Nong is rering from the partnership and the remaining partners agree that he will receive a cash payment of P 70,000 in nal settlement of his interest. The carrying values of the partnership assets and liabilities are equal to their fair values except for a building with a book value of P 30,000 and a fair value of P 50,000 A. Journalize the revaluation of the building Question 2 10 pts B. Journalize the retirement of Nong together with reallocation of capital Question 3 9 pts C. Compute the capital balances of the remaining partnersQuestion 4 4 pts D. Assuming that after the revaluation of the building, it was determined that another asset had a value higher than its book value by P 16,000. It was likewise agreed by the partnership that this increase will be allocated in total to Nong. a. Journalize the additional revaluation Question 5 4 pts b. Journalize the payment of P 70,000 to Nong as payment for his interest