Analyze solve and show your solution of the following required item.

Formation of a Partnership

Gogola and Paglinawan have just formed a partnership. Gogola contributed cash of 1260,000 and

computer equipment that cost 540,000. The fair value of the computer is 360,000

Gogola has notes payable on the computer of 120,000 to be assumed by the partnership. Gogola is to have 60% capital interest in the partnership.

Paglinawan contributed only 900,000. The partners agreed to share profit and loss equally.

Required:

1) Prepare Gogola journal entry and Paglinawan

2) Gogola should make an additional investments and (withdrawal) of____________?