Recording Partner's Original Investment Hannah Freeman and and Hugo Hernandez form a partnership by combining assets of their former businesses. The following balance sheet information is provided by Freeman, sole proprietorship: Hannah Freeman Proprietorship Balance Sheet June 1, 20Y3 Cash Accounts receivable Less: Allowance for doubtful accounts Land Equipment Less: Accumulated depreciation-equipment Total assets Land Accounts payable Notes payable Hannah Freeman, capital Total liabilities and owner's equity Freeman obtained appraised values for the land and equipment as follows: $195,000 Check My Work $58,800 3,400 $55,000 33,800 16,500 $31,250 55,400 141,000 21,200 Equipment An analysis of the accounts receivable indicated that the allowance for doubtful accounts should be increased to $5,000. Journalize the partnership's entry for Freeman's investment. For a compound transaction, if an amount box does not require an entry, leave it blank. $248,850 $17,500 51,350 180,000 $248,850

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