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III. On May 1, 2020, the accounts of Abacan and Binay appear below: Abacan Binay Cash 55,000 111,770 Accounts Receivable 1,172,680 2,839,450 Merchandise Inventory 600,175 1,300,510 Land 3,015,000 Building 2,141,335 Furniture and Fixtures 261,725 191,945 Accounts Payable 894,700 1,218,250 Notes Payable 1,000,000 1,725,000 Abacan, Capital 3,209,880 Binay, Capital 3,641,760 Abacan and Binay agreed to form a partnership contributing their respective assets and liabilities subject to the following adjustments: a. Abacan and Binay are to set up allowance for uncollectible accounts of P50,000 and P75,000, resepectively. b. Merchandise inventory of Abacan and Binay are to valued at P560,000 and P1,285,000, respectively. C. Accrued expenses of P24,000 are to be recognized in Abacan's books. d. Prepaid expenses of P30,000 are to be recognized in Binay's books. Instructions: 3. Prepare a statement of financial position for the new partnership - Abacan and Binay Partnership