Blake Kredell owns and operates a retail business called Blakes Camera Shop. His post closing trial balance on December 31, 2019, is provided below. Blake plans to enter into a partnership with Carmen Santos, effective January 1, 2020. Profits and losses will be shared equally. Blake will transfer all assets and liabilities of his store to the partnership, after revaluation. Santos will invest cash equal to Blakes investment after revaluation. The agreed values are: Accounts Receivable (net), $25,500; Merchandise Inventory, $45,000; and Store Equipment, $26,000. The partnership will operate under the name Picture Perfect.

BLAKES CAMERA SHOP Post closing Trial Balance December 31, 2019
ACCOUNT NAME		DEBIT			CREDIT
Cash	$	24,000		$
Accounts Receivable		26,000
Allowance for Doubtful Accounts					700
Merchandise Inventory		44,000
Store Equipment		30,000
Accumulated Depreciation-Store Equip.					26,000
Accounts Payable					23,000
Blake Kredell, Capital					74,300
Totals	$	124,000		$	124,000

1. Record each partners investment in a general journal.
2. Prepare a balance sheet for Picture Perfect after the investments.