Raed and Saleem are to form a partnership. Raed is to contribute $40,000 cash and accounts receivable worth $37,000, in addition to allowance for doubtful accounts valued at $ 6,500.. Saleem is to contribute cash of $25,000; inventory valued at $16,000; supplies valued at $2,000, and equipment (cost= $30,000, accumulated depreciation $5,000). The partners agreed to accept the book value of the equipment as its fair value. Calculate the total beginning capital of the company