The balance sheet of the partnership of Salve, Gilda, and Nora, who share profits and losses in the respective ratio of 5:3:2, follows:

AssetsLiabilities and Capital

CashP30,000LiabilitiesP50,000

Other assets320,000Salve, capital80,000

Gilda, capital115,000

Nora, capital105,000

TotalP350,000P350,000

1. The partners agreed to liquidate the partnership by installments. Immediately there was a realization of P100,000 cash from selling other assets with a book value of P150,000. Of the cash available, the priority is the payment of the liabilities and the balance is to be distributed to the partners.The remaining cash is distributed to Salve is ----?

2 On January 1, 2020, HAPPY, SAD, and FEAR which are all corporations, established a joint undertaking to manufacture a product they agree to share equally. Each will contribute P200,000 into the operation; Happy and Sad are to contribute cash while Fear is to contribute equipment with a cost of P185,000. The equipment has a remaining life of 10 years when contributed.

Determine the amount Fear will show the Equipment on JO account in its balance sheet on January 1, 2020.