Allen and Marnie agreed to form A and M Partnership on November 2, 2022. Allen contributed P60,000 cash and a parcel of land which costs his father P250,000. The land has a fair market value of P300,000 when he inherited it 4 years ago. Currently, the land is fairly valued at P440,000. Marnie, on the other hand, will contribute sufficient cash equal to 60% of Allen's capitalization. 3. At what amount should the land be valued in the books of the partnership? a. P250,000 b. P300,000 c. P440,000 d. Answer not given 4. At what amount should Allen's capital be credited? a. P440,000 b. P500,000 c. P360,000 d. P310,000 5. How much is the cash contribution of Marnie? a. P660,000 b. P750,000 c. P540,000 d. P465,000