A statement of financial position for Green and Gold, prepared on October 1, 2018 is shown below. Partners share profit and loss in the ratio of 75:25, respectively. An appraisal of the assets discloses the following fair values: Inventories, P296,000; Equipment P520,000. Green and Gold, together with three other friends, decided to incorporate as Color Corporation with 50,000 authorized shares of P50 par ordinary share capital. The three other incorporators acquired 10,000 shares at P70 per share. Green and Gold received 14,000 shares in exchange for the net assets of the partnership except cash. On this date, the fair value of the stock is P 70 per share. Green agrees to take 7,500 shares and Gold, 6,500 shares. The partnership cash is appropriately divided between Green and Gold. Required: Give the joumal entries to record the above transactions on the books of the partnership and on the new books of the corporation