I need helo to answer task numbers 1-5

7. Partnership Between Two Single Proprietorships Rocky, the owner of ROCK AUTO SUPPLIES, and Hiro, the owner of HORN AUTO SUPPLIES, agreed to form a partnership by combining their single proprietorship business beginning January 1, 2015. They agreed to name their partnership as RH AUTO SUPPLY. The trial balance of ROCK AUTO SUPPLIES and HORN AUTO SUPPLIES as of December 31, 2014 are as follows: Cash Accounts Receivable Allowance for Doubtful Accts. Notes Receivable Merchandise Inventory Store Equipment Acc. Depreciation Accounts Payable Loans Payable Rocky, Capital Hiro, Capital Total ROCK AUTO Debit Credit P20,000 80,000 8,000 10,000 60,000 40,000 10,000 25,000 HORN AUTO Debit Credit P40,000 160,000 16,000 20,000 120,000 80,000 20,000 50,000 100,000 167,000 234.000 P420.000 P210,000 P210,000 P420,000 a. C. Before they transfer their businesses to the partnership, they agreed on the following capital adjustments: The Allowance for doubtful accounts of ROCK should be increased to 12% of Accounts Receivable while HORN's Allowance for doubtful accounts should be decreased by 1% of Accounts Receivable. b. The merchandise inventory of ROCK is undervalued by 20% while the merchandise inventory of HORN should be decreased by 10%. According to a professional appraiser, the store equipment of ROCK is over depreciated by P4,000 while that of HORN, the store equipment should be revalued to P64.000. d. ROCK, has not recorded the interest on a 30-12% Promissory Note with a face value of P10,000, from Mr. Dokling, a trade customer dated, December 16, 2014. Also unrecorded, is the unpaid salaries of some employees as of 12-31-2014 amounting to P1,200. e. HORN, on the other hand, has an unrecorded interest on Loans Payable to PNB, amounting to P100,000 dated 12-16-2014 @ 24% interest per annum. Also, an unpaid Meralco bill amounting to P1,500. Tasks: 1. Prepare the capital adjusting entries in both ROCK AUTO SUPPLIES' and HORN AUTO SUPPLIES' book. 2. Prepare the opening entries in the book of the new partnership 3. How much is the total assets of the partnership right after formation? P 4. How much is the total liabilities of the partnership right after formation? P 5. How much is the total partnership's equity right after formation? P TvD