12. May 1, 2016, Cobb and Mott formed a partnership and agreed to share profits and losses in the ratio of 3:7, respectively. Cobb contributed a parcel of land that cost him P 10,000. Mott contributed...

no.12

Extracted text: 12. May 1, 2016, Cobb and Mott formed a partnership and agreed to share profits and losses in the ratio of 3:7, respectively. Cobb contributed a parcel of land that cost him P 10,000. Mott contributed P40,000 cash. The land was sold for P18,000 on May 1, 2016, immediately after formation of the partnership. What amount should be recorded in Cobb's capital account on formation of the partnership? * 20,000 O 17,400 O 18,000 O 15,000