Roces and Sales, who are engaged in the same type of business, agree to combine their resources and form a partnership on January 1, 2013. Their post-closing trial balances as of January 1, 2013 are as follows: Roces Sales DR CR DR CR P 14,400 57,600 124,800 19,200 144,000 4,800 P 4,800 72,000 192,000 48,000 96,000 3,200 104,000 Cash Accounts receivable Merchandise inventory Delivery equipment Fixtures Prepaid insurance Accounts payable Notes payable Accrued taxes Allowances for bad debts Accumulated depreciation- Delivery equipment Accumulated depreciation- Fixtures Capital 64,000 40,000 8,000 12,800 6,400 12,800 8,000 80,000 161,600 P364,800 88,000 195,200 P416,000 P364,800 P416,000 It is agreed that the partnership shall acquire the assets and assume the liabilities of the businesses at the following values: Roces Sales Accounts receivable (net) Fixtures (net) Merchandise inventory Goodwill P56,000 80,000 132,800 40,000 P4,800 32,000 Required. Prepare the necessary journal entries in the books of Roces, Sales, and the partnership assuming that: a. Roces' books will be used by the partnership. b. Sales' books will be used by the partnership. c. A new set of books will be opened by the partnership