Espanol operated a specialty shop that sold fishing equipment and accessories. Her post-closing trial balance on Dec 31, 2018 is as follows: Fish Post-Closing Trial Balance Dec 31, 2018 Credit Debit P 36,000 150,000 P 16,000 Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Equipment Accumulated Depreciation Accounts Payable Espanol, Capital 440,000 135,000 75,000 30,000 640,000 P761,000 P761,000 Espanol plans to enter into a partnership with trusted associate, Quino, effective Jan. 1, 2019. Profits or losses will be shared equally. Espanol is to transfer all assets and liabilities of her shop to the partnership after revaluation Quino will invest cash equal to Espanol's investment after revaluation. The agreed values are as follows: accounts receivable (net), P140,000, inventory, P460,000; and equipment (net), P124,000. The partnership will operate under the business name of Fish R' Us. Required: 1. Prepare the opening journal entries in the books of the partnership. 2. Prepare the partnership's statement of financial position as at the date of formation of the partnership