4. Two sole proprietors: L and M: agreed to form a partnership on January 1, 20X9_ The trial balance for each proprietorship is shoun below as of January 1 : 20X9_ Cash Accounts Receivable (net) Merchandise Inventy Buildngs (net) Furniture and Ftitures (net) A ccounts PayaNe Mortgage Payable M. Ca@tal On B ooks of L S40:ooo 60 ooo 100,000 280,000 60: ooo 110,000 200=000 230,000 Fa_ir V alues S40:ooo 52,000 000 320,000 64: ooo 110,000 200,000 On Books of M S30:ooo 70,000 100,000 250,000 40=000 80,000 150,000 260 ooo Fair V alues 50,000 soooo 114000 280,000 44000 80,000 150,000 The LM partnership will take over the assets and assume the liabilities of the proprietors as of January 1 : 20X9_ Required