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(Individuals starting a new business). Kris contributed P35,000 cash and a store equipment with carrying value of P27,000. Aimee contributed P15,000 cash and a delivery

(Individuals starting a new business). Kris contributed P35,000 cash and a store equipment with carrying value of P27,000. Aimee contributed P15,000 cash and a delivery vehicle with a fair market value of P195,000. Kris and Aimee agreed that each depreciable asset is overvalued by P4,000. Prepare the journal entries to record the contributions of Kris and Aimee into the partnership.

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