38. Goblyn Company purchased merchandise on account, P50,000, 2/10,1/15, n/60 FOB Destination point from GongYao, Inc. Shipping fee amounting to P1,500 was paid by GongYao. Goblyn, later, returned defective merchandise worth P2,000. Goblyn was able to pay GongYao within the discount period. Which of the following is true?* (1 Point) The shipping fee will be recorded by Goblyn as Freight In The shipping fee will be recorded by Gong Yao as Freight in The shipping fee will be recorded by Goblyn as Freight Out The shipping fee will be recorded by Gong Yao as Freight Out. 37. The books of CB as of July 31, 2020 has the following information: 2,500 Cash 10,000 Accounts receivable 15,000 Merchandise inventory 18,000 Furnitures and fixtures 6,000 Accounts payable It is estimated that 5% of the receivable may prove uncollectible. Merchandise inventory includes obsolete items costing P5,000 of which P2,000 might still be realized. Depreciation has never been recorded. The fixtures are two years old, have an estimated life of 5 years, and would cost P20,000 if currently purchased. Da is to be admitted as a partner upon his investment of P20,000 cash and P10,000 worth of merchandise. What is the total assets of the partnership?* (2 Points) P74,000 P48,000 O P75,000 P70,100 36. Dany, Donie, and Denis are partners with capital balances of P230,000, P250,000 and P220,000 respectively. During the year their partnership generated a gross revenue of P180,000 and incurred a total expenses of P30,000. They agreed to share profitsand losses in the following ratio: Dany 4/8; Donie 2/8, and Dennis 2/8. With the consentof all partners, Del is admitted as a new partner into the partnership with 20%interest upon investment of P200,000. How much is the capital of Dany after admission of Del?* (2 points) P280,000 P200,000 P230,000 P180,000