(1,2 1 On January 1, 2017, Angel, Bea and Colleen formed ABC & Co., a general professional partnership for the exercise of their common profession. Angel contributed a building with cost of PSM and accumulated depreciation of P4M. Based on the city assessor's records, the building has an assessed value of P 2M The building has an annotated mortgage payable amount to P 500,000 to be assumed by the partnership. On the other hand, Bea contributed 10,000 shares of stocks with par value of P200/per share and prevailing quoted price of P 300/share. On January 2, 2017, the building contributed by Angel was sold for P5.5M. If Colleen wants to have 20% capital interest in the newly formed partnership, how much shall be contributed by her? P 875,000 b. P 1,125,000 P 2,125,000 d. P 2,000,000

(1,2 1 On January 1, 2017, Angel, Bea and Colleen formed ABC & Co., a general professional partnership for the exercise of their common profession. Angel contributed a building with cost of PSM and accumulated depreciation of P4M. Based on the city assessor's records, the building has an assessed value of P 2M The building has an annotated mortgage payable amount to P 500,000 to be assumed by the partnership. On the other hand, Bea contributed 10,000 shares of stocks with par value of P200/per share and prevailing quoted price of P 300/share. On January 2, 2017, the building contributed by Angel was sold for P5.5M. If Colleen wants to have 20% capital interest in the newly formed partnership, how much shall be contributed by her? P 875,000 b. P 1,125,000 P 2,125,000 d. P 2,000,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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