Gloria Detoya and Esterlina Gevera have operated a successful partnership for many years, sharing profit and losses equally. Evangelina Madelo is to be admitted to the partnership on June 1 of the current year, in accordance with the following agreement: a. Assets and liabilities of the old pertnership are to be valued at their book values as of May 31, except for the following: -Accounts receivable amounting to P 20,000 are to be written off, and the allowance for uncollectible accounts is to be increased to 5% of the reamaining accounts. -Merchandise inventory is to be valued at P 638,700 -Equipment is to be valued at P 900,000.b. Madelo is to purchase P 300,000 of the ownership interest of Gevera for P 375,000 cash and to contribute P 350,000 cash to the partnership for a total ownership equity of P 650,000. c. The income-sharing ratio of Detoya, Gevera, and Madelo is to be 2:1:1 The post-closing trial balance of Detoya and Gevera as of May 31 follows: Detoya and Gevera Post-Closing Trial Balance May 31, 2018 Debit Credit Cash 95,000 Accounts Receivable 214,000 Allowance for Uncollectible Accounts 5,000 Merchandise Inventory 586,000 Prepraid Insurance 35,000 Equipment 950,000 Accumulated Depreciatetion-Equipment 257,000 Notes Payable 120,000 Accounts Payable 148,000 Detoya, Payable 750,000 Gevera, Capital 600,000 1,880,000 1,880,000 Required - Prepare the balance sheet for the new partnership as at June 1, 2018?​