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The statement of financial position of Irvin Company, a single proprietorship on December 1,2019 is as follows: Irvin Company Statement of Financial Position December 1,2019 P 360,00 P 960,000 40.000 920,000 Assets Cash Accounts Receivable Less:Allowance for Uncollectible accounts Merchandise Inventory Property, plant and equipment Less: Accumulated Depreciation Total Assets 320,000 P 240,000 20.000 220.000 P 1,820,000 Liabilities and Capital Accounts payable Irvin Co, Capital Total Liabilities and Capital P 560,000 1.260.000 P 1,820,000 1 Irvin Co admits Jester Yu and the latter is to invest cash to give him a capital credit equal to 1/4 of Irvin Co's capital after giving effect to the adjustments of the items below: The merchandise inventory is to be valued at P 280,000 The accounts receivable is estimated to be 95% collectible. The property, plant and equipment is underdepreciated by P 40,000 The partnership will use Irvin Co's old set of books. REQUIRED: a.) Give the necessary entries to adjust the books of Irvin Co and to record the formation of the partnership. b.) Prepare a statement of financial position for Irvin. Co and Jester Yu on December 1, 2019