1. Jeffrey Gurber and Brian Shinder decide to form a partnership by combining the assets of their separate businesses. Jeffrey contributes the following assets to the partnership: cash, $50,000; accounts receivable with a face amount of $250,000 and an allowance for doubtful accounts of $8,200; merchandise inventory with a cost of $192,000; and equipment with a cost of $148,000 and accumulated depreciation of $55,000. The partners agree that $16,000 of the accounts receivable are completely worthless and are not to be accepted by the partnership, that $7,250 is a reasonable allowance for the uncollectibility of the remaining accounts, that the merchandise inventory is to be recorded at the current market price of $194,300, and that the equipment is to be valued at $98,500. Journalize the partnership's entry to record Jeffrey's investment