*Exercise 12-07 Your answer is partially correct. Try again. Terry, Nick, and Frank are forming The Cullumber Partnership. Terry is transferring $30,000 of personal cash and equipment worth $24,500 to the partnership. Nick owns land worth $18,300 and a small building worth $75,700, which he transfers to the partnership. There is a long-term mortgage of $20,500 on the land and building, which the partnership assumes. Frank transfers cash of $7,300, accounts receivable of $36,600, supplies worth $4,000, and equipment worth $21,100 to the partnership. The partnership expects to collect $31,100 of the accounts receivable. Prepare a classified balance sheet for the partnership after the partners' Investments on December 31, 2020. (List current assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.) THE CULLUMBER PARTNERSHIP Balance Sheet December 31, 2020 Assets Current Assets Cash $7300 $56600 nt 45600 82200 (44900) Current Assets