Aaron and Kim form a partnership by combining the assets of their separate businesses. Aaron contributes accounts receivable with a face amount of $47,000 and equipment with a cost of $179,000 and accumulated depreciation of $103,000. The partners agree that the equipment is to be priced at $68,400, that $3,100 of the accounts receivable are completely worthless and are not to be accepted by the partnership, and that $1,900 is a reasonable allowance for the uncollectibility of the remaining accounts receivable. Kim contributes cash of $21,500 and merchandise inventory of $45,000. The partners agree that the merchandise inventory is to be priced at $48,500.