Problem 3 Admission by Investment of Assets Cabrera and YBanez are partners who share net income and losses equally and have equal capital account balances. The net assets of the partnership have a...

Hi. I super need your help with this problem. I need to do a presentation of our class on Wednesday, Philippines time and I can't figure out how to solve it properly.  This is my last question then I'll renew again this March 8. Hoping your team can help me with detailed solution so I can present well. Thank you

Extracted text: Problem 3 Admission by Investment of Assets Cabrera and YBanez are partners who share net income and losses equally and have equal capital account balances. The net assets of the partnership have a carrying amount of Php 800,000. Mabalot is admitted to the partnership with a one-third interest in net income or net loss and net assets. Mabalot invested Php 340,000 cash in the partnership. Required: 1. Goodwill Method 2. Revaluation of net assets method, assuming partnership inventories are overstated by Php 20,000.