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, $$22,420$; accounts receivable with a face amount of $$148,390$ and an allowance for doubtful accounts of $$4,620$; merchandise inventory with a cost of $$84,200$; and equipment with a cost of $$146,270$ and accumulated depreciation of $$45,790.$

The partners agree that $$5,580$ of the accounts receivable are completely worthless and are not to be accepted by the partnership, that $$5,260$ 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 $$108,260,$ and that the equipment is to be valued at $$86,600.$

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.