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What amount of cash should berg contribute

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Problem 1: Ice and Berg form a new partnership. Ice invests P300,000 in cash for his 60 percent interest in capital and profits of the business. Berg contributes land that has an original cost of P40,000 and a fair market value of P70,000, and a building that has a tax basis of P50,000 and a fair market value of P90,000,. The building is subject to a P40,000 mortgage that the partnership will assume. What amount of cash should Berg contribute?

a. P40,000

b. P80,000

C. P110,000

d. P150,000

Reference no: EM132781070

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