24) C and D have just formed a partnership. C contributed cash of P88,000 and building that cost P400,000. The building had been used in his sole proprietorship and had been 50% depreciated. The current fair value of the equipment is P188,000 with attached mortgage payable amounting to P46,000 to be assumed by the partnership. The partners agreed on a profit and loss ratio of 50% each. C is to have a 60% interest in the partnership. D contributed only the merchandise inventory from his sole proprietorship carried at P500,000 on a first-in-first-out basis. The current fair value of the merchandise is P470,000. To consummate the formation of the partnership C should make additional cash investment or (withdrawal) of: a. P463,000 b. P475,000 c. P263,000 d. P520,000