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2. Red, White, and Blue form a partnership on May 1, 2008. They agree that Red will contribute office equipment with a total fair value

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2. Red, White, and Blue form a partnership on May 1, 2008. They agree that Red will contribute office equipment with a total fair value of P40,000; White will contribute delivery equipment with a fair value of P80,000; and Blue will contribute cash. If Blue want a one-third interest in the capital and profits, how much should he contribute

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