QUESTION 23 Ed and John decide to combine their two businesses to form a partnership. Ed contributes merchandise inventory with a book value of $70,000 and equipment with a book value of $150,000 and accumulated depreciation of $60,000. John contributes cash of $10,000 and accounts receivable of $20,000. The two agree that the inventory and the equipment should be valued at $65,000 and $95,000. They also agree that $2,000 of the accounts receivable is completely worthless and that an allowance for doubtful accounts for $5,000 should be included. a. Joumalize Ed's contribution DATE Debit Credit XIX Inventory $65,000 Equipment $95,000 Ed's capital account $160,000 b. Joumalize John's contribution DATE XIX Cash Credit Debit $10,000EERE $18,000 Accounts receivable $5,000 Allowance for doubtful re John's capital $23,000