Current Attempt in Progress Sonoma Company and Woodberry Company decide to merge their proprietorships into a partnership called Sonberry Company The balance sheet of Woodberry Company shows: Accounts receivable Less: Allowance for doubtful accounts Equipment Less: Accumulated depreciation--equip $16,500 $18,000 1,500 $20,000 10,000 $10,000 The partners agree that the net realizable value of the receivables is $16,000 and that the fair value of the equipment is $15,000 Indicate how the four accounts should appear in the opening balance sheet of the partnership SONBERRY COMPANY Balance Sheet (Partial) Assets S Bagley invests personally owned equipment, which originally cost $220,000 and has accumulated depreciation of $60,000 in the Bagley and Eggers partnership. Both partners agree that the fair value of the equipment was $120,000. The entry made by the partnership to record Bagley's investment should be a Equipment 120,000