Nick & Nora agree to form a partmership on January 1, 2016. Nick has operated a business a sole proprietorship for a number of years ?nd will contribute the net assets of his business to the partnership. The appraised value of the net assets in Nick's business are given below 12 13 14 15 16 17 18 Cash Receivables Inventory. Property, plant&equipment Accounts payable Accrued liabilities Mortgage payable Net Assets 10,000 15,000 30,000 85,000 8,000) S(22,000) (40,000) 70,000 20 21 Nora has significant experience in marketing and will 23 contribute cash in the amount of 24 25 0,000 ill be used to account for any changes in partner ownership. 27 2e The Articles of Partnership (the partnership agreement) provide that income and losses are to be allocated in the following manner