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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
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, $20,640; accounts receivable with a face amount of $216,720 and an allowance for doubtful accounts of $7,820; merchandise inventory with a cost of $101,610; and equipment with a cost of $141,730 and accumulated depreciation of $92,120. The partners agree that $9,540 of the accounts receivable are completely worthless and are not to be accepted by the partnership, that $16,250 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 $95,510, and that the equipment is to be valued at $62,510. Journalize the partnership's entry to record Payne's investment. For a compound transaction, if an amount box does not require an entry, leave it blank
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