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Question - Bob and Boby formed the BB Partnership on January 01, 2019. Bob contributed a used machine with a carrying amount of P89,473. The machine has a remaining useful life of 5 years, its assessed value is at P73,392, while its second-hand value is estimated at P85,107. Boby meanwhile contributed a brand-new motor vehicle which was agreed to be worth P133,728. The motor vehicle had a purchase price of P129,232, and Boby paid installation costs of P2,172 and inspection costs of P1,349. The new motor vehicle also had a chattel mortgage attached to it valued at P20,036 which was assumed by BB Partnership. Additionally, Bob and Boby contributed cash at P28,935 and P30,547, respectively. Immediately after formation, how much is the firm's total assets?
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