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Chris and Grace formed a partnership on March 1 of the cunent year by contributing certain assets to the common fund. Chris contributed an equipment costing P100,000 with a market value of P75,000 and enough cash to have a 60% interest on the partnership. Grace contributed a van with an original cost of P250.000 and had a second-hand value of P150,000- The van was a subject to a chattel mortgage of P25,000 that was assumed by the partnership.
Problem 1: How much additional cash investment should Chris contribute to the partnership fund?
a. P37,500
b. 5,000
c. P112,500
d. P262500
Problem 2: How much is the total partnership asset immediater alter its formation?
a. P187500
b. P212500
c. P312500
d. P331500
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