LaTasha Nabors and Chelsey Rollins decide to form a partnership by combining the assets of their separate businesses. Nabors contributes the following assets to the partnership: cash, $24,000; accounts receivable with a face amount of $160,000 and an allowance for doubtful accounts of $4,200; merchandise inventory with a cost of $92,000; and equipment with a cost of $136,000 and accumulated depreciation of $45,000. The partners agree that $6,000 of the accounts receivable are completely worthless and are not to be accepted by the partnership, that $4,800 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 $104,300, and that the equipment is to be valued at $84,500. On December 1, journalize the partnerships entry to record Nabors investment. Refer to the Chart of Accounts for exact wording of account titles.