How much capital must be credited to S? * On June 1, 2020. S and T pooled their assets to form a partnership. with the firm to take over their business assets and assume the liabilities. Partners capitals are to be based on the assets transferred after the following adjustments: 3. T's inventory is to be increased by P3.000 b. An allowance for bad debts of P1,000 and P1,500 are to be set up on the books of S and T, respectively. c. Acwunts payable of P4.000 is to be recognized is 8'3 books. d. An amount of cash must be contributed by any one of the partners in order to establish equal amount of interest. The following balances appear on S and T's individual books on June 1, before adjustments: -_ Liabilities E 75000 Ism- T 113.000 34.500 Teban and Gorio entered into a partnership as of March 1, 2020 by investing P'l 00,000 and P600,000, respectively. They agreed that Teban, as the managing partner, was to receive a salary of P960000 per year and a bonus computed at 10% of the net income after adjustment for the salary; the balance of the income was to be distributed in the ratio of their original capital balances- On December 31, 2020, the unadjusted account balances with normal balances were as follows: 560,000 Accounts Pa able 430,000 Accounts Receivable 536 000 Teban Caital 1000 000 Furniture and Fixtures 360.000 Gorio, Ca-ital 600,000 Sales Returns and Allowances 40 000 Teban Drawi - 160 000 1.568.000 240,000 480.000 E_ 1.364.000 The rm uses the Expense Method in accounting for prepayments. Inventories on December 31. 2020 were as follows: Supplies - P20,000; Merchandise - P584000; Prepaid Insurance P7600; while unrecorded Accrued Expenses were P12,400. Depreciation rate per year was 20% of total cost. No depreciation was recorded for 2020. How much is the Teban and Gorio Partnership net income of the firm for the year 2020? *How much is the share of Gorio in the net income of the rm for 2020? * How much is the share of Teban in the net income of the rm for I 2020? *