How much is the total equity of the partnership immediately after the admission of C?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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I need a complete solution to this problem in good accounting form. Correct answer is 1,800,000.

A and B are partners with the following capital balances and profit-sharing percentages: A (40%) ₱750,000 and B (60%) ₱1,050,000. A and B admitted C into the partnership when C purchased 20% of the capital interests of A and B for ₱400,000. The partnership’s net assets on C’s admission date were fairly valued. How much is the total equity of the partnership immediately after the admission of C?

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