Musa Moshref and Shaniqua Hollins have operated a successful firm for many years, sharing net income and net losses equally Taylor Anderson is to be admitted to the partnership on July 1 of the current year, in accordance with the following agreement a Assets and iabilities of the old partnership are to be valued at their book values as of June 30, except for the following Accounts receivable amounting to $2,700 are to be written off and the allowance for doubtful accounts is to be increased to 5% of the remaining accounts Merchandise inventory is to be valued at $76,800 Equipment is to be valued at $154,900 b. Anderson is to purchase $69.200 of the ownership interest of Hollins for $75,300 cash and to contribute another $45.000 cash to the partnership for a total ownership equity of $114 200 The post-closing trial balance of Moshref and Hollins as of June 30 is as follows Moshref and Hollins POST-CLOSING TRIAL BALANCE June 30, 2016 ESIT ACCOUNT TITLE CREDIT Moshref and Hollins POST-CLOSING TRIAL BALANCE June 3O, 2016 CREDIT DEBIT ACCOUNT TITLE 7,100.00 1 Cash 2 Accounts Receivable 3 Allowance for Doubtful Accounts 4 Merchandise Inventory S Prepaid Insurance 6 Equipmenit 7Accumulated Depreciation-Equipment 41,500.00 1,740.00 71,300.00 2,200.00 180,000,00 42,600.00 21,800.00 35,400.00 115,960.00 84,600.00 302,100.00 Accounts Payable 9Notes Payable (current) 10 Musa Moshref, Capital 11 Shaniqua Hollins, Capital 12 Totals 302,100.00 1 21,800.00 35.400.00 115,960.00 84,600.00 302,100.00 Accounts Payable Notes Payable (current) o Musa Moshref, Capital Shaniqua Hollins, Capital Totals 302,100.00 Required 1. Journalize the entries as of June 30 to record the revaluations, using a temporary account entitled Asset Revaluations The balance in the accumulated depreciation account is to be eliminated After joumalizing the revaluations, close the balance of the asset revaluatona account to the capital accounts of Musa Moshref and Shaniqua Hollins 2. Journalize the additional entries to record Anderson's entrance to the partnership on July 1, 2016 Refer to the Chart of Accounts for exact wording of account tities 3 Present a balance sheet for the new partnership as of July 1, 2016 Refer to the information given and the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries