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

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5. Red , White and Blue form a partnership on May 1, 2008. They agree that Red will contribution office equipment with a total fair value of P40,000; White will contribute delivery equipment with a with a fair value of P80,000; and Blue will contribute cash. If Blue wants a one third interest in the capital and profits, he should contribute cash of. a. P40.000 C. P60.000 b. P120,000 P180,000

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