Exercise 19.3 Preparing a balance sheet for a partnership. LO 19-3 On May 1, 2019, Stanley Carpenter and Fred Kenamond formed The Wine Shop. The two partners invested cash and other assets and liabilities with the following agreed upon values: Carpenter Cash, $12.800; Merchandise inventory. $24.800; Equipment, $76,800; Accounts payable, $11,600. Kenamond: Furniture, $24,800: Cash, $36,800. Carpenter is to own two-thirds of the capital, and kenamond is to own one-third of the capital, but they will split profits and losses equally. Prepare a balance sheet for the partnership just after the assets and liabilities have been transferred to it. THE WINE SHOP Balance Sheet May 1, 2019 Assets Merchandise inventory Cash Equipment $ 24,800 49,600 76.801 Furniture 24.800 $ 176,000 Total Assets Liabilities and Partners' Equity