10. On January 1, 20x1, the partners of ABC Partnership decided to admit other investors. As a result, the partnership was converted to a corporation. Relevant information follows: Carrying amounts Fair values Cash 20,000 20,000 Receivables 60,000 40,000 Inventory 80,000 70,000 Equipment 540,000 670,000 Payables 50,000 50,000 A, Capital (20%) 150,000 N/A B, Capital (30%) 200,000 N/A C, Capital (50%) 300,000 N/A