Question: Please answer with solution Assume that Robredo offered to join Joe and Biden in the partnership and 1 point that he would personally purchase 1/4

Please answer with solution

Assume that Robredo offered to join Joe and Biden in the partnership and 1 point that he would personally purchase 1/4 of the equity of Biden for P720,000. How much would be the net assets of the partnership immediately after its formation? Joe and Biden are combining their businesses to form a partnership, the non-cash assets to be contributed and the liabilities assumed are: JOE BIDEN Carrying Value Fair Value Carrying Value Fair Value A/R, net 100,000.00 80,000.00 200,000.00 180,000.00 Inventory 400,000.00 480,000.00 320,000.00 300,000.00 Building & Equipment, (net of P200,000 Accumulated Depreciation) 800,000.00 1,400,000.00 Accounts Payable 560,000.00 560,000.00 80,000.00 80,000.00 Joe and Biden are to contribute or withdraw cash to bring their respective capital balances to P1,200,000.00 each. Your

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