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, $19,440; accounts receivable with a face amount of $204,120 and an allowance for doubtful accounts of $7,360; merchandise inventory with a cost of $83,900; and equipment with a cost of $186,870 and accumulated depreciation of $121,470. The partners agree that $8,980 of the accounts receivable are completely worthless and are not to be accepted by the partnership, that $15,310 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 $78,870, and that the equipment is to be valued at $82,400. 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. Cash Accounts Receivable Merchandise Inventory Equipment Allowance for Doubtful Accounts Kimberly Payne, Capital

Recording Partner's Original Investment Kimberly Payne and Arionna Maples decide to form a portnership by combining the assets of their separate businesses, Payne contributes the following assets to the partnership: cash, $19,440; accounts recelvable with o foce amount of $204,120 and an allowance for doubtful accounts of $7,360; merchandise ifiventory with a cost of $83,900; and equipment with a cost of $186,870 and accumuiated depreciation or $121,470. The partners agree that 58,980 of the accounts receivable are completely worthless and are not to be accepted by the partnership, that 515,310 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 $78,870, and that the equipment is to be valued at $82,400. Dividing Partnerstip Income Tyler Hawes and Piper Albright formed a partnership, investing $187,500 and $62,500, respectively. Determine their participation in the year's net income of $280,000 under each of the following independent assumptions: a. No agreement concerning division of net income. b. Divided in the ratio of onginal capital investment. c. Interest at the rate of 5% aliowed on original investments and the remainder divided in the ratio of 2:3. d. Salary allowances of $34,000 and $45,000, respectively, and the balance divided equally. e. Allowance of interest at the rate of $% on original investments, salary allowances of $34,000 and $45,000, respectively, and the remainder divided equaily