Allen and Marnie agreed to form A and M Partnership on November 2, 2022. Allen contributed P60,000 cash and a parcel of land which costs his father P250,000. The land has a fair market value of P300,000 when he inherited it 4 years ago. Currently, the land is fairly valued at P440,000. Marnie, on the other hand, will contribute sufficient cash equal to 60% of Allen's capitalization. At what amount should the land be valued in the books of the partnership? a. P250,000 b. P300,000
c. P440,000 d. Answer not given