Maureen Knipper and Jordan Klein have been sole proprietors of separate animal relocation businesses for several years. On January 1, 20--, they form a partnership called K & K Animal Kingdom The following balance sheets provided for each business serve as the basis for the partnership: Maureen Knipper Balance Sheet December 31, 20-- Assets Liabilities Cash $2,300 Accounts payable Accounts receivable $6,840 $1,940 Notes payable 14,500 Less allowance for bad debts 440 1,500 Total liabilities Office equipment $21,340 $ 20,900 Less accumulated depreciation 1,000 19,900 Owner's Equity Vehicles $ 26,900 Less accumulated depreciation 5,000 21,900 Maureen Knipper, capital 24,260 Total assets $45,600 Total liabilities and owner's equity $45,600 Jordan Klein Balance Sheet December 31, 20-- Assets Liabilities Cash $2,545 Accounts payable $6.000 Jordan Klein Balance Sheet December 31, 20-- Assets Liabilities Cash $2,545 Accounts payable $6,000 Accounts receivable $2,270 Notes payable 7,300 Less allowance for bad debts 370 1,900 Total liabilities $13,300 Equipment $16,350 Less accumulated depreciation 2,300 14,050 Owner's Equity Vehicles $17,500 Less accumulated depreciation 3,200 14,300 Jordan Klein, capital 23,995 Office equipment $ 6,500 Less accumulated depreciation 2,000 4,500 Total assets $37. 295 Total liabilities and owner's equity $37,295 Knipper and Klein agree that the information provided on the balance sheets represents market values, except for the assets listed below for which appraisals of current market values were obtained. Fair Market Values Knipper Klein Office equipment $19,900 $ 4,100 Vehicles 21,000 13,900 Required: WELL Prepare the opening journal entries for the formation of K & K Animal Kingdom. If an amount box does not require an entry, leave it blank. Page: DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 Jan. 1 1 2 2 3 3 4 on N 4 5 6 c 6 7 7 00 8 8 9 9 10 Jan. 1 10 11 11 12 12 13 13 14 14 15 15 16 16 17 17 18 18