Formation of a Partnership and Allocation of Profit and Loss Haskins and Sells formed a partnership on January 2, 20X3. Each had been a sole proprietor before forming their partnership. Part I Each partner's contributions follow. The amounts under the cost column represent the amounts reported on the books of each sole proprietorship immediately before the formation of the partnership. Cost Fair Value Haskins $ 45,000 45,000 49,000 40,000 (2,000) 370,000 Cash Inventories (FIFO) Trade accounts receivable Allowance for uncollectible accounts Building Accumulated depreciation Mortgage on building assumed by partnership(175,000) 48,000 40,000 (1,500) 550,000 (200,000) (175,000) Sells: Cash Trade accounts receivable Allowance for uncollectible accounts Inventories (FIFO) Note receivable due in 6 months Temporary investments Customer lists s10,000 10,000 30,000 (2,500) 13,500 50,000 81,500 60,000 30,000 (2,000) 15,000 50,000 100,000 Required Using the preceding information, prepare a classified balance sheet as of January 2, 20X3, for the Haskins and Sells partnership. Assume that $25,000 of the mortgage is due in 20X3 and that the customer lists are accounted for as an intangible asset to be amortized over a five-year period