Question: Please help me solve this one. I need the answer asap. PROBLEM 2 A and B decided to form a partnership. A will contribute cash

Please help me solve this one. I need the answer asap.

Please help me solve this one. I need the answer asap. PROBLEM

PROBLEM 2 A and B decided to form a partnership. A will contribute cash of P300,000, while B contributed a machine worth P850,000 but with a current fair value of P950,000. The partners agreed that since A will use his talents and skills in the business, A and B shall have a 60:40 interest respectively. The agreements made by the partners shall be reflected in their initial credits. Required: a. Determine the correct valuations of the partners' contributions in the partnership books of accounts. b. Provide the journal entry

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