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Question - It is estimated that 5% of the receivables will prove uncollectible. The cash balance includes a 1,000 shares marketable securities recorded at its cost, P4,000. The stock last sold on the market at P17.50 per share. Merchandise Inventory includes obsolete items costing P18,000 that will probably realized only P4,000. Depreciation has never been recorded; however, the furniture and fixture are two years old, have an estimated total life of 10 years, and would cost 240,000 if purchased new. Prepaid items amount to P5,000. Paulo is to be admitted as a partner upon investing P200,000 cash and 100,000 merchandise. How much capital is to be credited to sunshine upon formation of partnership?
a. P613,000
b. P539,200
c. P606,200
d. P565,000
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