Instructions Musa Moshref and Shaniqua Hollins have operated a successful firm for many years, sharing net income and net losses equally. Taylor Anderson is to be admitted to the partnership on July 1 of the current year, in accordance with the following agreement: a. Assets and liabilities of the old partnership are to be valued at their book values as of June 30, except for the following: Accounts receivable amounting to $2,700 are to be written off, and the allowance for doubtful accounts is to be increased to 5% of the remaining accounts. Merchandise inventory is to be valued at $76,800. . Equipment is to be valued at $154.900. b. Anderson is to purchase $69.200 of the ownership interest of Hollins for $75,300 cash and to contribute another $45,000 cash to the partnership for a total ownership equity of $114,200. The post-closing trial balance of Moshref and Hollins as of June 30 is as follows: Moshref and Hollins POST-CLOSING TRIAL BALANCE June 30, 2016 ACCOUNT TITLE 7,10000 41,50000 Cash 2 Accounts Receivable 1,740.00 3 Allowance for Doubtful Accounts Previous Accumulated Depreciation-Equipment 42,600.00 1,800.00 35,400.00 15,960.00 84,600.00 302,100.00 Accounts Payable 9 Notes Payable (current) 10 Musa Moshref, Capital 11 Shaniqua Hollins, Capital 12 Totals 302,100.00 Required: 1. Journalize the entries as of June 30 to record the revaluations, using a temporary account entitled Asset Revaluations. The balance in the accumulated depreciation account is to be eliminated. After journalizing the revaluations, close the balance of the asset revaluations account to the capital accounts of Musa Moshref and Shaniqua Hollins. 2. Journalize the additional entries to record Anderson's entrance to the partnership on July 1, 2016. Refer to the Chart of Accounts for exact wording of account titles 3. Present a balance sheet for the new partnership as of July 1, 2016. Refer to the information given and the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. Previous Check My Work 2 more Check My Wuse remaining. Save and Exit Submit Assignment for G All work saved