6. Effective August 1, 2006, Alex and Bob agreed to form a partnership from their two respective proprietorships. The balance sheets presented below reflect the financial position of both proprietorships as of July 31, 2006: ALEX BOB Cash P 12,000 P 30,000 Accounts Receivable 72,000 42,000 Merchandise Inventory 198,000 252,000 Prepaid Rent 24,000 Store Equipment 240,000 180,000 Accumulated Depreciation (90,000) (108,000) Building 750,000 Accumulated Depreciation (150,000) Land 360,000 Totals P1,392,000P420,000 Accounts Payable P 45,000 P 18,000 Mortgage Payable 360,000 Alex, Capital 987,000 Bob, Capital 402,000 Totals P1,392,000P420,000 As of August 1, 2006, the fair value of Alex's assets were: merchandise inventory, P162,000; store equipment, P90,000; building, P1,500,000; and land, P600,000. For Bob, the fair value of the assets on the same date were: merchandise inventory, P270,000; store equipment, P39,000; prepaid rent, P 0. All other items on the two balance sheets were stated at their fair values. How much capital must be credited to Alex upon formation of partnership? a. P2,031,000 b. P1,791,000 C. P363,000 d. P2,394,000