Raed and Saleem are to form a partnership. Raed is to contribute $40,000 cash and accounts receivable worth $35,000, in addition to allowance for doubtful accounts valued at $ 5,500.. Saleem is to contribute cash of $25,000; inventory valued at $16,000; supplies valued at $6,000, and equipment (cost= $30,000, accumulated depreciation $2,000). The partners agreed to accept the book value of the equipment as its fair value