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Problem #3Formation of a PartnershipGogola and Paglinawan have just formed a partnership. Gogola contributed cash of P1260000 and computer equipment that cost P540000. The fair value of the computer is P360000. Gogola has notes payable on the computer of P120000 to be assumed by the partnership. Gogola is to have 60% capital interest in the partnership. Paglinawan contributed only P900000. The partners agreed to share profit and loss equally.
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Generally Accepted Accounting Principles, Promissory note, Gogola