[63]. _ Partners Rob and Roy, who share equally in profits and loses, have the following balance sheet as of December 31, 2011: Cash 120,000 A/Payable 172.000 Asreceivable 100,000 Accum. Dep. 8,000 Miinventory 140,000 Rob, capital 140,000 Equipment 80,000 Roy, capital 120,000 Total 440,000 Total equities 440,000 ‘They agreed to incorporate their partnership, with the new corporation absorbing the et assets after the following adjustments: provision of allowance for bad debts of P10,000; statement of the inventory at its current fair value of P'160,000; and, recognition of further ‘depreciation on the equipment of P3,000. The corporation's capital stock is to have a par value of P100, and the partners are to be issued corresponding total shares equivalent to their adjusted capital balances. ‘The total par value of the shares of capital stock that were issued to partners Rob and Roy wes: 260,000 267,000 o 9 ° 273,000 2 280,000