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Scenario: ABC Ventures is formed with Alice and Bob as partners. Alice contributes $70,000 in cash and $60,000 worth of office furniture, while Bob contributes
Scenario: ABC Ventures is formed with Alice and Bob as partners. Alice contributes $70,000 in cash and $60,000 worth of office furniture, while Bob contributes $50,000 in cash and $40,000 worth of inventory. After the formation of the partnership, prepare a comprehensive balance sheet for ABC Ventures, detailing all assets, liabilities (if any), and partners' equity, reflecting the capital contributions made by Alice and Bob.
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