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Find what should smith capital balance be on july

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Problem 1: P-Formation Avers and Smith formed a partnership on July 1. Avers contributed cash of P50,000. Smith contributed property with a P36,000 carrying amount, a P40,000 original cost, and a fair value of P80,000. The partnership assumed the P35,000 mortgage attached to the property. What should Smith's capital balance be on July 1?

Reference no: EM132711693

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