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 establishing Dominic's interest, the following revaluations shall be made: 1. The allowance for bad debts shall be increased by 5% of outstanding accounts receivable. 2. The Laundry Supplies inventory is to be valued at P80,000. 3. And a professional appraiser estimated that the furniture and equipment is worth P550,000. 4. Electricity consumption for the month of July 2023 amounting to P4,500 is still unpaid. Augustine is to invest cash which will give him a 40% capital ownership in the newly formed partnership. How much is the adjusted capital balance of Dominic upon formation of the partnership? In the previous problem pertaining to the partnership of Augustine and Dominic, how much is the cash investment of Augustine upon formation of the partnership