Recording Partner's Original Investment Kimberly Payne and Arionna Maples decide to form a partnership by combining the assets of their separate businesses. Payne contributes the following assets to the partnership: cash, $14,220; accounts receivable with a face amount of $149,310 and an allowance for doubtful accounts of $5,390; merchandise inventory with a cost of $98,190; and equipment with a cost of $150,280 and accumulated depreciation of $97,680. The partners agree that $6,570 of the accounts receivable are completely worthless and are not to be accepted by the partnership, that $11,200 is a reasonable allowance for the uncollectibility of the remaining accounts, that the merchandise inventory is to be recorded at the current market price of $92,300, and that the equipment is to be valued at $66,280. Journalize the partnership's entry to record Payne's investment. For a compound transaction, if an amount box does not require an entry, leave it blank. Recording Partner's Original Investment Kimberly Payne and Arionna Maples decide to form a partnership by combining the assets of their separate businesses. Payne contributes the following assets to the partnership: cash, $14,220; accounts receivable with a face amount of $149,310 and an allowance for doubtful accounts of $5,390; merchandise inventory with a cost of $98,190; and equipment with a cost of $150,280 and accumulated depreciation of $97,680. The partners agree that $6,570 of the accounts receivable are completely worthless and are not to be accepted by the partnership, that $11,200 is a reasonable allowance for the uncollectibility of the remaining accounts, that the merchandise inventory is to be recorded at the current market price of $92,300, and that the equipment is to be valued at $66,280. Journalize the partnership's entry to record Payne's investment. For a compound transaction, if an amount box does not require an entry, leave it blank.