On January 1, 2020, Mason, Clark, and Duvall formed a three- person equal partnership. Mason and Clark each contributed $120,000, while Duvall contributed securities with a basis to him of $75,000 and a fair market value of $120,000. On March 15, 2020, the partnership sold the securities for $150,000. What is the amount of the gain to be allocated to Duvall?

1. On May 1, 2019, Gonzaga and Balace formed a partnership and agreed to share profits and losses in the ratio of 3:7, respectively. Gonzaga contributed a parcel of land that cost P10,000. Balace contributed P40,000 cash. The land was sold for P18,000 on May 1,2019, immediately after formation of the partnership. What amount should be recorded in Gonzaga's capital account on formation of the partnership? a. P15,000 b. P17,400 C. P10,000 d. P18,000

On May 1, 2021, Cobb and Mott formed a partnership and agreed to share profits and losses in the ratio for 3:7, respectively. Cobb contributed a parcel of land that cost him P 10,000. Mott contributed P 40,000 cash. The land was sold for P 18,000 on May 1, 2021, immediately after formation of the partnership. What amount should be recorded in Cobb's capital account on formation of the partnership? A 10,000 В 18,000 C 15,000 17,400

1. On December 1, 2020, Antipolo and Bunao formed a partnership, agreeing to share for profits and losses in the ratio of 2:3, respectively. Antipolo invested a parcel of land that cost him P134,375. Bunao invested P161,250 cash. The land was s old for P268,750 on the same date, three hours after formation of the partnership. How much should be the capital balance of Antipolo right after formation? a. P134,375 b. P161,250 C. P322,500 d. P268,750