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MG 200. On December 1, 2014, MG and AN are combining their separate businesses to form a partnership. Cash and noncash assets are to be contributed. The noncash assets to be contributed and the liabilities to be assumed are as follows: AN Book value Fair value Book value Fair value Accounts Receivable 250,000 262,500 200,000 195,000 Inventory 400,000 450,000 200,000 207,500 PPE 1,000,000 912,500 862,500 822,500 Accounts Payable 150,000 150,000 112,500 112,500 MG and AN are to invest equal amount of cash such that the contribution of MG would be 10% more than the investment of AN. What is the amount of cash presented on the partnership's statement of Financial Position on December 1, 2014? A. 1,344,000 B. 1,244,000 C. 3,120,000 D. 2,180,000