Extracted text: 86. On January 1, 2010, A and B agreed to form a partnership contributing their respective assets and equities subject to adjustments. On that date, the following were provided; A P28,000 200,000 B P62,000 600,000 200,000 Cash Accounts receivable Inventories 120,000 Land 600,000 Building Furniture & fixtures 500,000 50,000 2,000 180,000 200,000 620,000 35,000 3,000 250,000 350,000 Intangible assets Accounts payable Other liabilities Capital 800,000 The following adjustments were agreed upon: a. Accounts receivable of P20.000 and P40,000 are uncollectible in A's and B's respective books. b. Inventories of P6,000 and P7,000 are worthless in A's and B's respective books. c. Intangible assets are to be written off in both books. In preparing statement of financial position, how much is the total assets of the partnership? A. P2,311,000 O B. P2,395,000 O C. P2,400,00 O D. P2,431,000