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What portion of the profit or loss should allocated to Mary

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Question - Peter, Paul, and Mary are forming a partnership.

Mary contributes a building having an historical cost, accumulated depreciation, and market value of P348,000, P120,000, and P480,000, respectively.

The building is initially recorded on the partnership's books at Mary's book value (P228,000).

Two years later the building is sold for a P324,000 gain.

What portion of the profit or loss should be allocated to Mary?

A. 278,000

B. 274,000

C. 276,000

D. 272,000

Reference no: EM132704589

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