(LO2)\ rorth, Capital:

$29,010

\ PARTNERSHIP OPENING ENTRIES On July 1,

20-

, Susan Wood worth and Pas Holly combined their two businesses to form a partnership under the firm nasey Woodworth and Holly. The balance sheets of the two sole proprictorships are tionet below and on the next page.\ The balance sheets reflect fair market values except for the following:\ (a) The fair market value of Woodworth's store equipment is

$7,500

.\ (b) The fair market values of Holly's office equipment and store equipment ate

$6,100

and

$6,800

, respectively.\ REQUIRED\ Prepare the opening entry for the formation of the Woodworth and Holly parterly as of July 1, 20--, using fair market values. The difference between assets istey and liabilities assumed should be credited to each partner's capital accoerent Net partner has knowledge of any uncollectible accounts receivable.\ \\\\table[[Assets,\\\\table[[Weoeworth's Aatiques],[Balance Sheet],[Jute

30,20-

(LO2) rorth, Capital: $29,010 PARTNERSHIP OPENING ENTRIES On July 1, 20, Susan Wood worth and Ras. Holly combined their two businesses to form a partnership under the firm nasey Woodworth and Holly. The balance sheets of the two sole proprietorships are bitony below and on the next page. The balance sheets reflect fair market values except for the following: (a) The fair market value of Woodworth's store equipment is $7,500. (b) The fair market values of Holly's office equipment and store equipment ate. $6,100 and $6,800, respectively. REOUIRED Prepare the opening entry for the formation of the Woodworth and Holly partents as of July 1,20-, using fair market values. The difference between assets is:-y and liabilities assumed should be credited to each partner's capital accourt. Ked partner has knowledge of any uncollectible accounts receivable