A Statement of financial position for Lustre and Pressman, prepared on March 31 , appears below. Partners share earnings and losses in the ratio of 3:1, respectively. Lustre and Pressman, together with other three friends, decided to incorporate as SUPERSTAR CORP. with 50,000 authorized shares of P5P par ordinary share capital. The three other incorporators acquired 10,000 shares at P70. Lustre and Pressman received 14,000 shares in exchange for the net assets of the partnership except for cash. On this date, the fair value of Stock is P70 per share. Lustre agrees to take 7,500 shares and Pressman, 6,500 shares. The partnership cash is then appropriately divided between the partners. An appraisal of the assets discloses the following fair values: InventoriesEquipment296,000520,000 Instructions: State the needed steps and give the entries to record the above on the books of the partnership and on the new books of the corporation