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Penner and Torres decide to merge their proprietorships into a partnership called Pharoah Company. The balance sheet of Torres Co. shows: The partners agree that

image text in transcribed Penner and Torres decide to merge their proprietorships into a partnership called Pharoah Company. The balance sheet of Torres Co. shows: The partners agree that the net realizable value of the receivables is $23,520 and that the fair value of the equipment is $13,200. Indicate how the accounts should appear in the opening balance sheet of the partnership

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