Instructions Kimberly Payne and Arionna Maples decide to form a partnership by combining the assets of their separate businesses. Payne contributes the following assets to the partnership: cash, $24,290; accounts receivable with a face amount of $171,520 and an allowance for doubtful accounts of $4,420; merchandise inventory with a cost of $90,120; and equipment with a cost of $142,010 and accumulated depreciation of $46,810. The partners agree that $6,170 of the accounts receivable are completely worthless and are not to be accepted by the partnership, that $4,320 is a reasonable allowance for the uncollectibility of the remaining accounts, that the merchandise inventory is to be recorded at the current market price of $100,820, and that the equipment is to be valued at $78,270. On December 1, journalize the partnership's entry to record Payne's investment. Refer to the Chart of Accounts for exact wording of account titles. Journal 1 2 3 4 5 6 PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY