Instructions Holly Rentro contributed a patent, accounts receivable, and $22,110 cash to a partnership. The patent had a book value of $7.980. However, the technology covered by the patent appeared to have significant market potential. Thus, the patent was appraised at $80,000. The accounts receivable control account was $34,890, with an allowance for doubtu accounts of $1,970. The partiership also assumed a $10,570 nocount payable owed to a Renfro's supplier On December 31, provide the journal entry for Rentro's contribution to the partnership. Refer to the Chart of Accounts for exact wording of account es CHART OF ACCOUNTS Holly Renfro General Ledger ASSETS REVENUE 110 Cash 410 Sales 111 Petty Cash 610 Interest Revenue 112 Accounts Receivable 113 Allowance for Doubtful Accounts EXPENSES 114 Interest Receivable 510 Cost of Merchandise Sold 115 Notes Receivable 520 Salaries Expense 116 Inventory 117 Office Supplies 521 Advertising Expense 522 Depreciation Expense-Equipment 118 Store Supplies 523 Delivery Expense 524 Repairs Expense 119 Prepaid Insurance PAA nart of Accounts 119 Prepaid Insurance 524 Repairs Expense 120 Land 123 Equipment 124 Accumulated Depreciation-Equipment 129 Asset Revaluations 133 Patent 529 Selling Expenses 531 Rent Expense 533 Insurance Expense 534 Office Supplies Expense 535 Store Supplies Expense 536 Credit Card Expense 537 Cash Short and Over 538 Bad Debt Expense 539 Miscellaneous Expense 710 Interest Expense LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Holly Renfro, Capital 311 Holly Renfro, Drawing