Please answer the red question and show computations. Thank you

On January 1, 2022, Jen, May and Nancy decided to form a business partnership to operate MOMOLAND supermarket. Jen and May both owned a grocery business with the Statement of Financial Position as of December 31, 2021 Cash Accounts receivable Inventories Property. Plant and Equipment Accounts payable Notes payable Capital JEN P10 Million P20 Million P70 Million P50 Million P40 Million P30 Million (10%) P80 Million MAY P20 Million P30 Million P40 Million P10 Million P20 Million P50 Million (5%) P30 Million The following additional notes are provided: a. Jen and May will contribute all its assets and liabilities to the newly formed partnership b. The parties agree to provide 10% and 20% allowance for bad debts to the accounts receivable of Jen and May, respectively. C. The inventories of Jen are to be reported at P60 Million while May's will not change. The PPE of Jen and May have not been depreciated and should be depreciated by 40% and 30%, respectively. e. The interest payable on both notes payable were unrecorded and unpaid since the date of contract. Jen's note payable is dated April 1, 2021, while May's note payable is dated June 30,2021. f. Nancy shall have 20% interest in the partnership upon contribution of sufficient cash. d. 1. How much would be the total assets of the newly formed partnership