Assessment A. Journalizing Partnership Formation and Preparation of Statement of Financial Position Directions: Prepare the following requirements. Journalize the transactions in the General Journal provided below the problem. Prepare the Statement of Financial Position in the space provided after the General Journal. Kent Maula, Reynaldo Montecina and Jeremy Maceda have decided to form a partnership business for the first time. Their respective contributions consisted of the following: Maula contributed cash of P150,000 and Furniture and Fixtures worth P100,000 but has a market value of P120,000; Montecina contributed a brand new delivery van which he acquired from Kia Motors at P850,000 and a balance of P100,000 from a financing company aside from his P50,000 cash contributions; Maceda's contribution was his expertise in managing the affair of the business and is given a 15% share in profit. Required: 1. Prepare a compound journal entry to open the partnership book assuming: a. The P 100,000 balance from a financing company is assumed by the partnership b. The P 100,000 balance from a financing company is not assumed by the partnership 2. Prepare a Statement of Financial Position right after the formation in requirement 1-a only