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Question - Partners Art and Tony, who share equally in profits and losses, have the following balance sheet as of December 31, 2011:
Cash P120,000
A/Receivable 100,000
Inventory 140,000
Equipment 80,000
Total P440,000
A/payable P172,000
Accum.dep'n 8,000
Art, capital 140,000
Tony, capital 120,000
Total P440000
They agreed to incorporate their partnership, with the new corporation absorbing the net assets after the following adjustments: provision of allowance for bad debts of P10,000; restatement of the inventory at its current fair value of P160,000; and, recognition of further depreciation on the equipment of P3,000. The corporation's capital stock is to have a par value of P100, and the partners are to be issued corresponding total shares equivalent to their adjusted capital balances. What the total par value of the shares of capital stock that were issued to partners Art and Tony?
a. 260.000
b. 267,000
c. 273,000
d. 280,000
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