E12-15 (similar to) 3 Question Help Nancy Foster has been operating an apartment-locator service as a sole proprietorship. She and Melissa Miles have decided to form a partnership. Foster's contribution consists of Cash, $10,000; Accounts Receivable, $15,000; Furniture, $17,000; Building (net) $55,000 and Notes Payable, $13,000 To determine Foster's equity in the partnership, she and Miles hire an independent appraiser. The appraiser values all the assets and liabilities at their book value, except the building, which has a current market value of $99,000. Also, there are additional Accounts Payable of $2,000 that Foster will contribute. Miles will contribute cash equal to Foster's equity in the partnership Read the requirements Requirement 1. Journalize the entry on the partnership books to record Foster's contribution. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Requirements 1. Journalize the entry on the partnership books to record Foster's contribution 2. Journalize the entry on the partnership books to record Miles's contribution. Print Done