Calculator Print Item Recording Partner's Original Investment Kimberly Payne and Arionna Maples decide to form a partnership by combining the assets of their separate businesses. Payne contributes the following assets to the partnership: cash, $17,790; accounts receivable with a face amount of $186,800 and an allowance for doubtful accounts of $6,740; merchandise inventory with a cost of $75,330; and equipment with a cost of $188,550 and accumulated depreciation of $122,560. The partners agree that $8,220 of the accounts receivable are completely worthless and are not to be accepted by the partnership, that $14,010 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 $70,810, and that the equipment is to be valued at $83,150. Journalize the partnership's entry to record Payne's investment. For a compound transaction, if an amount box does not require an entry, leave it blank. Cash 17,790 178,580 v 70,810 V 65,990 X 6,740 X Accounts Receivable Merchandise Inventory Equipment Y Allowance for Doubtful Accounts Kimberly Payne, Capital 39,910 X Feedback Check My work 0 more Check My Work uses remaining Previous Next