At what amount will each operator present the equipment, Accounting Basics

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At what amount will each operator present the equipment

Problem

On January 1, 2020, A, B and C establish a joint undertaking to manufacture a product they agree to share equally. Each will contribute P300,000 into the operation, A and B are to contribute cash while C is to contribute equipment with a carrying amount of P280,000 and fair value of P300,000. The equipment has a remaining useful life of 8 years when contributed. At what amount will each operator present the Equipment on its January 1, 2020 Statement of Financial Position?

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