PROBLEMS 1. On May 1, 2018, the business assets and liabilities of Nathan and Janice were as follows: Nathan Janice Cash P 8,000 P 62,000 Receivables 200,000 600,000 Inventories 120.000 200,000 Land, Building and Equipment 650,000 535,000 Other Assets 2,000 3,000 Accou nts payable (180,000) (250,000) Nathan and Janice agreed to form a partnership by contributing their net assets, subject to the following adjustments: Receivables of P 20,000 in Nathan's books and P 40,000 in Janice's books are uncollectible. Inventories of P 6,000 and P 7,000 in the respective books of Nathan and Janice are worthless Other assets in both books are written off Upon the Partnership's formation: The respective capital of partners Nathan and Janice would be: The total assets of the partnership would be