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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
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 assets to the partnership: cash, $9,990; accounts receivable with a face amount of $104,900 and an allowance for doubtful accounts of $3,790; merchandise inventory with a cost of $78,530; and equipment with a cost of $169,730 and accumulated depreciation of $110,320. The partners agree that $4,620 of the accounts receivable are completely worthless and are not to be accepted by the partnership, that $7,870 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 $73,820, and that the equipment is to be valued at $74,860. Journalize the partnership's entry to record Kaiser's investment. If an amount box does not require an entry, leave it blank.
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