A and G executed a partnership agreement that lists the following assets contributed at the partnership's formation: A-cash, P22,000 and Furniture and Equipment P12,000: B-cash, P32,000 Inventory, P17,000 Building, P42.000, The building is subject to a mortgage of P8,000, which the partnership has assumed. The partnership agreement also specified that profits and losses are to be distributed equally. What amounts should be recorded as capital for A at the formation of the partnership?

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