Jason and Michael formed a new partnership . Jason invested ₱650,000 in cash for his 2/3 Interest in capital and profits of the business . Michael Contributes land that has an original cost of ₱110,000 and a fair market value of ₱140,370 and a building that has a fair market value of ₱220,000 and tax basis of ₱92,500 mortage that the partnership will assume . What amount of cash should Michael Contribute ?
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