Terrell Owens operates a small shop that sells fishing equipment. His postclosing trial balance on December 31, 2019, is shown below. Owens plans to enter into a partnership with Cathy Turner, effective January 1, 2020. Profits and losses will be shared equally. Owens is to transfer all assets and liabilities of his store to the partnership after revaluation as agreed. Turner will invest cash equal to Owenss investment after revaluation. The agreed values are Accounts Receivable (net), $13,700 Merchandise Inventory, $49,100 and Furniture and Equipment, $11,500. The partnership will operate as Owens and Turner Anglers Outpost. Owens Tackle Center Postclosing Trial Balance December 31, 2019 Account Name Debit Credit Cash 3,950 Accounts Receivable 15,200 Allowance for Doubtful Accounts 1,700 Merchandise Inventory 44,200 Furniture and Equipment 28,300 Accumulated Depreciation 22,200 Accounts Payable 3,200 Capital 64,550 Totals 91,650 91,650 In general journal form, prepare the entries to record: The receipt of Owenss investment of assets and liabilities by the partnership. The receipt of Turners investment of cash. Prepare a balance sheet for Owens and Turner Anglers Outpost just after the investments. Analyze: By what net amount were the net assets of Owens Tackle Center adjusted before they were transferred to the partnership?