Dolfo and Poldo formed a partnership. Dolfo contributed cash of P600,000, desktop computer of P70,000 and printer that cost P30,000. The fair value of computer is 50,000 while the printer has a fair value of P20,000. Dolfo has notes payable on the computer and printer of P10,000 to be assumed by the partnership. Dolfo is to have 60% c

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