4.On May 1, 2020,0 and P formed a partnership and agreed to share profits and losses in the ratio of 3:7, respectively. O contributed a parcel of land that cost P10,000. P contributed P40,000 cash. The land was sold for P18,000 on May 1, 2020, immediately after the formation of the partnership. No bonus is to be recognized. What amount should be recorded in O's capital account at the formation of the partnership? O P18,000 P17,400 O P15,000 P10,000