Question 2 of 10 0.63/1 iii View Policies Show Attempt History Current Attempt in Progress Your Answer Correct Answer Penner and Torres decide to merge their proprietorships into a partnership called Pharoah Company. The balance sheet of Torres Co. shows: Accounts receivable Less: Allowance for doubtful accounts Equipment Less: Accumulated depreciation-equip. $28,000 1,960 24,000 8,400 $26,040 15,600 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. Pharoah Company. Balance Sheet (Partial)