B. Mar and Jun agreed to form MJ Traders, a partnership, with a profit and loss ratio of 1:2. On July 1, Mar contributed cash-P100,000, office equipment with a fair market value of P10,000, and a second-hand delivery vehicle purchased last year at P200,000 but with present fair market value of P140,000. On that same date, Jun contributed cash-P30,000, merchandise bought 2 months ago for P180,000 but with present fair market value of P200,000 and furniture with a book value of P18,000 and a fair market value of P20,000. Instructions: 1. Record the contribution of Mar and Jun in two simple journal entries. 2. Prepare a statement of financial position for the partnership after its formation. C. On October 1, Dan and Marvin formed a partnership with the agreement that Marvin will contribute only his services for a 25% share in the profit and Dan will contribute P100,000 cash and a computer worth P50,000. Instruction: Record the contribution of Dan and Marvin in the books of the partnership