On December 1, 2018 Gelli, the sole proprietor of the Vaseline Company, expands the company and establish a partnership with Althea and Bettina. The partners plan to share profits and losses as follows: Gelli, 40%; Althea, 35% and Bettina, 25%. Gelli asked Althea to join the partnership because his image and reputation are expected to be valuable during the formation. Althea is also contributing P105,000 cash and a building that was acquired for P1,010,000, with carrying amount of P870,000, and a fair market value of P490,000. The building is subject to a P198,000 mortgage that the partnership did not assume. Bettina is contributing P212,000 cash and marketable securities costing P336,000 to Bettina but are currently worth P475,000. Gelli's investment in the partnership is the Vaseline Company. The Statement of Financial Position for the Vaseline Company follows