Boming a Partnership-Cash and Noncash Contributions, Makina Journal Entries. Creating Owners' Equity Section of the Balance Sheet Asse, P. Ann, and G. Tsosi form the MAT partnership on January 8, 2009. The book and fait market dies of the contributed assets follow. LO2 BOOK VALUE M. Arsee FAIR MARKET VALUE Arsee P. Ann G. Tsosi P. Ann G. Tsosi $ 9,000 $6,000 $ 9,000 $6,000 Accounts receivable Allowance for doubtful accounts $17,000 19.000 (900) $17,000 18,000 (1,000) Inventory 26,000 25,000 45,000 35,000 Furniture and fixtures Accumulated depreciation Notes payable Net assets contributed (8,000) (7.000) (7.000) $34.000 $36,000 $35,100 $34.000 $34.000 $35,000 tuired: Based on the information formation presented, prepare the journal entry to record the contributions each Partner made to the partnership Prepare the Liabilities an LO2 he Liabilities and Owners' Equity section of the partnership balance sheet immediately wing the partner contributions on January