Problem 2-2 (Individuals with no existing business) Jane and Aeryk decided to combine their resources and set up a partnership business. Jane contributed equipment, furniture and P450,000 cash to the partnership. The equipment has a book value of P350,000 and a market value of P500,000. The furniture has a book value of P300,000 and a market value of P260,000. The partnership also assumed a P100,000 note payable owed by Jane that was used to purchase the equipment. Aeryk agreed to put up cash equivalent to Jane's net investment. Required: 1. Compute for the cash investment to be made by Aeryk. 2. Record the contribution of Jane and Aeryk in the books of the partnership