Section 2 (5 Marks) [CLO 3] a) At what value noncash assets should be recorded in a partnership (1 mark)? b) D. Adam and P. Josef combine their proprietorships to start a partnership named D.P. Software. Adam and Josef have the following assets prior to the formation of the partnership Book Value Fair Value D. Adam P. Josef D. Adam P. Josef $32,000 $36,000 $32,000 $36,000 $20,000 $14,000 cash equipment Accumulated depreciation- equipment Accounts Receivables Allowance for doubtful accounts ($6,000) counts $0 $16,000 $0 $52,000 $2,200) $49,800 $16,000 $4.000) $48,000 $46,000 Prepare the entry to record the investment of D. Adam (2 marks) Prepare the entry to record the investment of P. Josef (2 marks)