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2. On April 30, 2021, Piloswine, Corsola, and Remoraid formed a partnership by combining their separate business proprietorships, Piloswine contributed cash of P500,000. Corsola contributed
2. On April 30, 2021, Piloswine, Corsola, and Remoraid formed a partnership by combining their separate business proprietorships, Piloswine contributed cash of P500,000. Corsola contributed property with a P360,000 carrying amount, a P400,000 original cost, and P800,000 fair market value. The partnership accepted responsibility for the P350,000 mortgage attached to the property. Remoraid contributed equipment with a P300,000 carrying amount, a P750,000 original cost, and P550,000 fair value. The partnership agreement specifies that profits and losses are to be shared equally but is silent regarding capital contributions. Required: What are the capital balances of the partners at April 30, 2021? lyong sagot
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