C, D & E formed a partnership with agreed capitalization of P300,000 which should be contributed equally by C and...

C, D & E formed a partnership with agreed capitalization of P300,000 which should be contributed equally by C and D. E was desiganted to manage the partnership as industrial partner with a share of 20% from partnership profit. Partner C : Cost Fair Market Land 50,000 110,000 Eqpt 70,000 60,000 Notes payable 20,000 20,000 Partner D: Cost Fair Market Cash 100,000 Supplies 20,000 10,000 Eqpt 50,000 40,000