GO Incorporation of Partnership 50. Roy and Gil are partners sharing profits and losses in the ratio of 1:2, respectively. On July 1.20x4, they decided to form the R & G Corporation by transferring assets and liabilities from the partnership to the Corporation in exchange of its stocks. The following is the post-closing trial balance of the partnership to the Corporation in exchange of its stocks. The following is the post-closing trial balance of the partnership: Cash. Accounts Receivable (net). Inventory. Fixed Assets (net) Liabilities. Roy, Capital. Gil, Capital. Debit P 45,000 60,000 90,000 174,000 P 369.000 Credit P 60,000 94,800 214,200 P 369.000 It was agreed that adjustments be made to the following assets to be transferred to the corporation: Accounts Receivable. Inventory. Fixed Assets. P 40,000 68,000 180,600 The R and G Corporation were authorized to issue P100 par preferred stock and P10 par common stock. Roy and Gil agreed to receive for their equity in the partnership 720 shares of the common stock each, plus even multiples of 10 shares of preferred stock for their remaining interest. The total number of shares of preferred and common stock issued by the Corporation in exchange of the assets and liabilities of the partnership are: Preferred Stock Common stock 2,642 shares Preferred Stock Common stock a. 2,540 shares 1,500 shares 1,440 shares b. 1,440 shares d. 2,642 shares 1,550 shares 31, 2.592 shares 51. The condensed balance sheet of the the issued to partners a. P260,000 b. P267,000 Use the following informatio The balance sheet of Ven incorporated as Venwig C Cash Trade accounts pay Trade accounts rec Venner, capital... Inventories. Wigstaff, capital.. Equipment (net of Net assets The following adjustmen CPA before accounting An allowance fo Short-term prepe The current fair w P72,000, were to Accrued liabiliti 53. Assuming that 10,00 shares for each p shares of commor adjustments were= a. P145,250