On January 1, 2020, A, B, and C (all are corporations) establish a joint undertaking to manufactures they agree to share equally. Each will contribute P150,000 into the operation; A and B are contribute cash while C is to contribute equipment with a carrying value of 175, 000 and fair value of P150,000 . The equipment has a remaining life of 15 years when contributed . The difference between the fair value and carrying value represents a reduction in the net realizable value of the equipment contributed is recognized in full by C.

determine the net amount C will show the equipment in JO account in its balance sheet at January 1, 2020?

determine the net amount C will show the equipment in JO account in its balance sheet at December 31, 2020?

determine the amount A(or B ) will show the equipment in JO account in its balance sheet at December 31, 2020?