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How much should be the additional cash investment of jameson

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Reference no: EM132938873

Question - Jameson and Larry are forming a partnership. Jameson will invest a truck with a book value of P100,000 and a fair market value of P140,000. Larry will invest a building with a book value of P300,000 and a fair market value of P420,000 with a mortgage of P150,000 which the partnership agreed to assume.

a. At what amount should the building be recorded?

b. If it was further agreed that both partners will have equal share in the assets, using the cash  method, how much should be the additional cash investment of Jameson?

Reference no: EM132938873

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