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What amount of cash should Perla contribute

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Problem - Elsa and Perla form a new partnership. Elsa invests P300000 in cash for her 60 percent interest in the capital and profits of the business. Perla 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 P903000. The building is subject to a P40,000 mortgage that the partnership will assume. What amount of cash should Perla contribute?

Reference no: EM132887539

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