Question: Please help me, with encoded or typed solution if possible thankyou II. The statement of financial position of Pablo on December 31, 2020 shows the

Please help me, with encoded or typed solution if possible thankyou

II. The statement of financial position of Pablo on December 31, 2020 shows the following: Debit Credit Cash 225,000 Accounts Receivable 350,000 Allowance for Uncollectible Accounts 20,000 inventories 450,000 Equipment 300,000 Accumulated Depreciation 100,000 Accounts Payable 370,000 Pablo, Capital 835,000 Torres offers to invest P 1,000,000 cash. The offer was accepted by Pablo after the adjustments below: a. Inventories are to be valued at P550,000. b. Equipment should be 50% depreciated. Required: {21 points} 1. Prepare the entries to adjust and close the books of Pablo 2. Prepare the entryr to record the investment of both Pablo and Torres in the new partnership books

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