Exercise 12-3 Suzy Vopat has owned and operated a proprietorship for several years. On January 1, she decides to terminate this business and become a partner in the firm of Vopat and Sigma, Vopat's Investment in the partnership consists of $12,240 In cash and the following assets of the proprietorship accounts receivable $14,280 less allowance for doubtful accounts of $2,040, and equipment $30,600 less accumulated depreciation of $4,000. It is agreed that the allowance for doubtful accounts should be $3,060 for the partnership. The fair value of the equipment is $23,970. Journalize Vopat's admission to the firm of Vopat and Sigma. (Credit account titles are automatically indented when the amount is antered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Jan, 1 > (Invest assets in business)