C D & E formed a partnership with agreed capitalization of P300000 which should

C D & E formed a partnership with agreed capitalization of P300000 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 50000 110000 Eqpt 70000 60000 Notes payable 20000 20000Partner D: Cost Fair Market Cash 100000 Supplies 20000 10000 Eqpt 50000 40000