Sole proprietorship converted to partnership. Revaluation of assets and liabilities required. Dominic, the proprietor of Suds and Bubbles Laundry Shop invites Augustine to be a partner in his business. Accounts in the ledger of Dominic on August 1,2023 just. before the admission of Augustine show the following- It was agreed that for the purpose of establshing Dominic' interest, the following revaluations shail be made: 1. The allowance for bad debts shall be increased by 5% of outstanding accounts receivabie. 2. The Laundry Supplies inventory is to be valued at P e0 000 . 3. And a protesional appralser estimated that the furniture and equipment is worth P550,000. 4. Eiectricity consumption for the month of July 2023 arnounting to P4,500 is sill unpaid. Augustine is to invest cash which will give him a 40 k capital ownership in the newly formed partnershig How mach is the adjusted capital balance or Dominic upon formation of the partnerthig