Problem $6$ Entries and Balance Sheet for Partnership $$ Ch $12$

On October $1,20$Y$7,$ James Johnson and Sammy Swanson form a partnership. Johnson agrees to invest $$20,000$ in cash and inventory valued at $$55,000.$ Swanson invests certain business assets at valuations agreed upon, transfers business liabilities, and contributions sufficient cash to bring Swanson$$s total capital to $$125,000.$ Details regarding the book values of the business assets and liabilities, and the agreed valuations, follow: