P$2$

In January $2019,$ Yuan and Coco agreed to produce and sell food products. Yuan contributed P$2,400,000$ in cash to the business. Coco contributed the building and equipment, valued at P$2,200,000$ and P$1,400,000,$ respectively. The partnership had profits of P$840,000$ during $2019.$

Required:

Prepare the journal entry to record the investment of both partners in the partnership.

Determine the share of profit for each part er in $2019$ and $2020$ under each of the following conditions:

a$.$ The partners agreed to share profits equally.

b$.$ The partners failed to agree on a profit$-$sharing arrangement.

c$.$ The partners agreed to share profit according to the ratio of their original investments.

d$.$ The partners agreed to share prol ts by allowing interest of $10\%$ on their original investments and dividing the remainder equally.

e$.$ The partners agreed to share profits by allowing salaries of P$400,000$ for Yuan and P$280,000$ for Coco, respectively, and dividing the remainder equally.

f$.$ The partners agreed to share profits by paying salaries of P$400,000$ to Yuan and P$280,000$ to COCO, allowing interest of $9\%$ on their original investments, and dividing the remainder equally.