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What the amounts to be recorded for the building

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Problem 1: Chua and Wong are forming a partnership. Chua will invest a building that currently is being used by another business owned by Chua. The building has a market value of P900,000. Also, the partnership will assume responsibility for a P300,000 note secured by a mortgage on that building. Wong will invest P500,000 cash. For the partnership, the amounts to be recorded for the building and for Chua's Capital account are

Reference no: EM132893610

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