Vaseline Company Statement of Financial Position December 31, 2018 Assets Liabilities and Capital Cash P390,000 Accounts payable P437,000 Accounts receivable 456,000 Notes payable 592,000 Inventories 394,000 Gelli, capital 829,000 Equipment, net 618,000 Total assets P1,858,000 Total liabilities and capital P1,858,000 The partners agree that 35% of the inventory is considered worthless, the equipment is worth 75% of its carrying amount, and 15% of the accounts receivable is uncollectible. Gelli plans to pay off the accounts payable with his personal assets. The other partners have agreed that partnership will assume the notes payable. The partners agreed that their capital balances upon formation will be in conformity with their profit and loss ratio. All the statements are true, except: A. Assuming the partners will either invest or withdraw cash, using Bettina as the base, Gelli and Althea will both invest cash with a total amount of P560,800. B. If the transfer of capital method is used, the capital accounts of Gelli and Bettina will be debited in the amount of P30,320 and P140,200, respectively. C. Assuming the partners will either invest or withdraw cash, using Gelli as the base, Althea and Bettina will both invest cash with a total amount of P75,800. D. Assuming the partners will either invest or withdraw cash, using Althea as the base, Gelli and Bettina will both withdraw cash with a total amount of P487,200