Recording Partner's Original Investment

Vanessa Kaiser and Mariah Newman decide to form a partnership by combining the assets of their separate businesses. Kaiser contributes the following asset

to the partnership: cash, $$25,800$; accounts receivable with a face amount of $$187,600$ and an allowance for doubtful accounts of $$5,400$; merchandise

inventory with a cost of $$118,900$; and equipment with a cost of $$175,800$ and accumulated depreciation of $$58,200.$

The partners agree that $$6,000$ of the accounts receivable are completely worthless and are not to be accepted by the partnership, that $$5,700$ 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

$$131,400,$ and that the equipment is to be valued at $$104,900.$

Journalize the partnership's entry to record Kaiser's investment. If an amount box does not require an entry, leave it blank.