OBJ. PR 12-4A Admitting new partner many years, Musa Moshref and Shaniqua Hollins have operated a successful firm for to the sharing net income and net losses equally. Taylor Anderson is to be admitted partnership on July 1 of the current year, in accordance with the following agreement: a. Assets and liabilities of the old partnership are to be valued at their book values as of June 30, except for the following: allowance Accounts receivable amounting to $2,500 are to be written off, and the for doubtful accounts is to be increased to 5% of the remaining accounts. Merchandise inventory is to be valued at $76,600. Equipment is to be valued at $155,700. $75,000 cash b. Anderson is to purchase $70,000 of the ownership interest of Hollins for equity and to contribute another $45,000 cash to the partnership for a total ownership of $115,000. (Continued)