On July 1, 2021, Brandon, Brat and Brei agreed to form a partnership. The partnership agreement specified that Brandon is to invest cash of P700,000; Brat contributes building with a fair market value of P1,300,000 with P300,000 mortgage in Rural Bank of CPAs to be assumed by the partnership and an old computer with a book value of P25,000 while Brei offers to contribute cash equal to 120% of Brandon's contribution. How much is the total assets reflected at the beginning of the partnership formation?

Answer rating: 100% (QA)

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