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Instructions: Solve the Problem and give what is asked for. The partnership of Trinidad and Villanueva is considering admitting Vergara as a partner on January 1, 2006. The partnership general ledger includes the following balances on that date: Cash P 90,000 Total liabilities P 500,000 Other assets 1, 100,000 Trinidad, capital 450,000 Villanueva, capital 240,000 Total assets P 1, 190,000 Total liabilities & capital 1, 190,000 Trinidad's share of profits and losses is 60 percent, and Villanueva's share is 40 percent. Required: 1. Suppose Vergara pays Villanueva P 310,000 to acquire Villanueva's interest in the business. Trinidad approves Vergara as a partner. a. Record the transfer of owner's equity on the partnership books b. Prepare the partnership balance sheet immediately after Vergara is admitted as a partner. 2. Suppose Vergara becomes a partner by investing P 310,000 cash to acquire a one-fourth (14) interest in the business. a. Compute Vergara's capital balance, and record his investment in the business. b. Prepare the partnership balance sheet immediately after Vergara is admitted as a partner. Include the heading. 3. Which way of admitting Vergara to the partnership increases its total assets? Give your reason