On May 1, 2022, AA and BB formed a partnership with each contributing the following assets: Partner AA: Cash, P300,000 Machinery and equipment, P250,000 Furniture and fixtures, P100,000 Partner BB: Cash, P700,000 Machinery and equipment, P750,000 Building, P2,250,000 The building is subject to a mortgage loan of P800,000, which will not be assumed by the partnership. What is the capital balance of partner BB upon formation?

Shirley contributes property to a new partnership with a value of $1,000,000 and a basis of $400,000 that is secured by a $500,000 nonrecourse note. Under the terms of the partnership agreement, Shirley will be allocated 25% of all profits. The partnership agreement also states that "excess nonrecourse liabilities" will be allocated to partners according to profit ratios. How much of the nonrecourse liability will be allocated to Shirley? please dont provide answer in images thank you

ces Gorman and Morton form a partnership on May 1, 2022. Gorman contributes cash of $73,000; Morton conveys title to the following properties to the partnership: Equipment Licensing agreements Book Value $ 26,500 46,500 Fair Value $51,000 59,000 The partners agree to start their partnership with equal capital balances. No goodwill is to be recognized. According to the articles of partnership written by the partners, profits and losses are allocated based on the following formula: Gorman receives a compensation allowance of $1,300 per month. All remaining profits and losses are split 40.60 between Gorman and Morton, respectively. Each partner can make annual cash drawings of $5,000 beginning in 2023. Net income of $22,500 is earned by the business during 2022. Steele is invited to join the partnership on January 1, 2023. Because of her business reputation and financial expertise, she is given a 40 percent interest for $77,000 cash. The bonus approach is used to record this investment,…

Anthony is investing in a partnership with Joseph. Anthony contributes equipment that originally cost $43000, has a book value of $20900, and a fair value of $25400. The entry that the partnership makes to record Anthony's initial contribution includes a O debit to Equipment for $22100. ○ credit to Accumulated Depreciation for $22100. O debit to Equipment for $43000. O debit to Equipment for $25400.