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Test II A Problems: Answer the requirements for each of the following unrelated problems: (75%) (30 items @ 2.5 points each) On January 1, 2020, Rafa and Roger are combining their separate businesses to form a partnership. Cash and non-cash assets are to be contributed. The non-cash to be contributed and the liabilities to be assumed are as follows: Rafa assets Accounts Receivable Inventory Property & Equipment Accounts Payable Capital Roger Carrying Amount 500,000 Fair Value Carrying Amount 525,000 Fair Value 400,000 390,000 800,000 900,000 400,000 315,000 2,000,000 1,825,000 1,725,000 1,545,000 250,000 250,000 300,000 300,000 3,050,000 ? 2,225,000 ? Rafa and Roger are to invest or withdraw cash to bring their respective capitals to P2,500,000 each after giving effect to the foregoing adjustments. 1 2 3 Net adjustment to Rafa, Capital. Indicate whether debit or credit. Net adjustment to Roger, Capital. Indicate whether debit or credit. Adjusted capital of Rafa before the cash investment or (withdrawal). Adjusted capital of Roger before the cash investment or withdrawal) 4 Cash investment/(withdrawal) on the part of Rafa. Indicate whether investment or (withdrawal). Cash investment/(withdrawal) on the part of Roger. Indicate whether investment or (withdrawal). 6 7 8 Total partnership liabilities immediately after formation. 9 Amount of cash to be shown/presented/reported on the partnership statement of financial position as of January 1, 2020. Total partnership capital immediately after formation. 10 Total partnership capital immediately after formation.