Joseph, Conrad and Rachel are partners in JCK Accounting Firm. They decided to incorporate as of January 1, 2015. On that date the partnership's trial balance was as follows: JCR Accounting Firm Trial Balance January 1, 2015 Book values Market values Debits Cash in Bank P 200,000 P 200,000 Accounts Receivable, net 130,000 130,000 Inventories 170,000 300,000 Land 100,000 300,000 Building 250,000 350,000 Equipment 400,000 300,000 Total P 1,250.000 Credits Accounts Payable P 150,000 P 150,000 Accumulated Depreciation - Building 100.000 Accumulated Depreciation - Equipment 150,000 Notes Payable 200,000 Joseph, Capital (50%) 300,000 Conrad, Capital (30%) 100,000 Rachel, Capital (20%) 250,000 Total P 1,250,000 Ordinary share in the amount of P1,250,000 is to be issued in the ratio of 4:3:3 for Joseph, Conrad and Rachel, respectively. The partners are either to receive cash or to pay amounts of cash into the partnership sufficient to bring their capital accounts into the ratio of 4:3:3 for a total capital of P1,250,000 after any required revaluation of assets. Requirements: 1. Prepare journal entries to record the incorporation in the partnership's books. 2. Prepare journal entries to record the incorporation in the corporation's books