Mo Mulder and Molly Munchkin operate separate hobby shops. On April 8, 2021, they decide to combine their businesses, which had been operated as proprietorships, to form Mo Molly Partnership Information from their separate balance sheets is presented below: Mo's Models Melly's Crafts Cash $7,000 $6,300 Accounts receivable 1,500 700 Allowance for doubtful accounts 200 200 Accounts payable 1,450 700 Equipment 2,400 1.400 Accumulated depreciation equipment 700 500 It is agreed that the expected realizable value of Mo's accounts receivable is $850 and Molly's receivables is $350. The fair market value of Mo's equipment is $1,000 and Molly's equipment is $500 It is further agreed that the new partnership will assume all liabilities of the proprietorships Date Account Titles and Explanation Debit Credit Apr 8, 2021 (To record Mo's Models) Apr 8, 2021 (To record Molly's Crafts)