Exercise 3. On April 1, 20X1, Beck and Coy decide to combine their separate proprietorships into a parnership. Beck is contributing $16,000 of Accounts Receivable which were owed to her former company and $60,000 (Book Value) of Equipment also owned by her former proprietorship. Coy invested $50,000 in Cash. After the partners reviewed the A/R and Equipment, they mutually decided that the A/R probably included $1,200 of uncollectibles but were unable to actually identify any specific customers, the partnership will use the Allowance Method to account for bad debts. They also agreed that the actual Fair Market Value (FMV) of the equipment is $45,000. Please show the 2 Journal Entries needed to show the beginning of this partnership with the investments by these owners. Do not worry about the entries for their old companies.