E-F:12-14 Accounting for partner contributions and preparing partnership financial statements (Learning Objective 2) On December 31, 2024, Demetrius and Garnett agree to combine their sole proprietorships into a partnership. Their balance sheets on December 31 are shown as follows: Assets Cash Accounts Receivable Merchandise Inventory Plant Assets, Net Total Assets Liabilities and Owner's Equity Demetrius's Business Garnett's Business Current Current Book Market Book Market Value Value Value Value $ 9,000 S 9,000 is 3,000 $ 3,000 23,000 21,000 16,000 14,000 49,000 43,000 40,000 40,000 126,000 108,000 54,000 58,000 $ 207,000 $ 181,000 $113,000 $115,000 Accounts Payable Other Accrued Payables Notes Payable Demetrius, Capital $ 23,000 13,000 $ 23,000 13,000 $ 12,000 $ 12,000 $3,000 53,000 118,000 7 Garnett, Capital 101,000 Total Liabilities and Owner's Equity $207,000 $181,000 $ 113,000 $115,000 2. Prepare the partnership balance sheet at December 31, 2024