1. On January 1, 2020, Mr. Jackson and Mr. JB agreed to form a partnership contributing their respective assets and equities subject to adjustments. On that date, the following information were provided Ms. Kimi Mr. Coco Cash 28,000 62,000 Accounts Receivable 200,000 600,000 Inventories 120,000 200,000 Land 600,00 Building 500,000 Furniture and Fixtures 50,000 35,000 Intangible Assets 2,000 3,000 Accounts Payable 180,000 250,000 Other Liabilities 200,000 350,000 Capital 620,000 800,000 The following adjustments were agreed upon: a. Accounts receivable of P20,000 and P40,000 are uncollectible in Jacksons' and JB's respective books. b. Inventories of P6,000 and P7,000 are worthless in Jacksons' and JB's respective books. C. Intangible assets are to be written off in both books. Requirements: Determine for the adjusted capital balances of the partners. ii. Produce the entry in the partnership's books