On July1, 2021, Jungkook, Jimin and J-Hope formed a partnership by combining their separate business proprietors. Jungkook contributed cash of P700,000. Jimin contributed property with P360,000 carrying amount, a P500,000 original cost and P800,000 fair market value. The partnership accepted responsibility for theP450,000 mortgage attached to the property. J- Hope contributed equipment with aP300,000 carrying amount, P750,000 original cost, and P550,000 fair value. The partnership agreement specifies that profits and losses are to be shareequally but is silent regarding capital contributions. What is the capital balance of Jungkook? *

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Employer Pension Plan

An employer pension plan is a retirement benefit provided by an employer to employees before or after they retire. Over the course of the employees' working lives, the employer should invest a lump sum or make monthly contributions to investment schemes in employees' names. It is the employer's legal responsibility to provide employees with retirement plans that support them with guaranteed financial security in retirement.