3. Mike and Mario agreed to form a partnership. Mike contributed equipment with carrying amount of P100,000 and fair value of P70,000, while Mario contributed cash of P200,000. The partners agreed to...

3. Under partnership liquidation

Extracted text: 3. Mike and Mario agreed to form a partnership. Mike contributed equipment with carrying amount of P100,000 and fair value of P70,000, while Mario contributed cash of P200,000. The partners agreed to have a profit sharing ratio of 2:1, respectively. The initial credits to the partners' capital accounts shall reflect this fact. Under the bonus method, how much is the balance of the capital account of Mario immediately after the partnership formation?