1. A, M and Z were partners in Omaha Partnership. Their profit ratio is 50%, 30%, 20%, while their original capital interest ratio is 4:4:2. On July 1, 2014, J was admitted by the partnership for 20% interest in capital and 25% in profits by contributing P700,000 cash, and the old partners agree to bring their interest to their original capital and profit interest sharing ratio. J is the recipient of the transfer of capital of P2,240,000 from the existing partners. The partnership had net income of P1,680,000 before admission of J and the partners agree to revalue its overvalued equipment by P280,000. Capital balance of M increased by P84,000 as a result of the admission of J, while the capital balance of Z at the start of the year is P5,000,000. 1. Share of J in the revaluation of assets a. 0 b. 140,000 c. 70,000 d. (70,000) 2. The capital balance of A at the start of the year is a. 2,800,000 b. 2,833,600 c. 4,620,000 d. 3,500,000 3. Capital balance of M immediately before admission of J a. 4,620,000 b. 4,200,000 c. 2,940,000 d. 4,704,000 4. Capital balance of Z after admission of J a. 4,704,000 b. 2,352,000 c. 5,880,000 d. Another amount