On January 1, 2023 Michael and Rabel agreed to combine their existing businesses to form a partnership. The partnership will take over the assets and assume the iabilities of both companies Shown below are their ledger accounts. The partness ageed on the following adjustinents prior to partnership formution: 1. Accounts Receivable of both firms ace only 900 collectible 2. Both office weplies inventory is overntated by 10N. 3. The equipenent of Michuel is under ecpreciated by P 2,000, while that of Ralaels is over deareciated by P 1,500. 4. The depietigted value of the furriture and fixture of Michael is P35,000. while that of Rafae's is P25.000. How mech is the adjusted capital of Michuel upon formation of the partnership