Terry, Nick, and Frank are forming The Doctor Partnership. Terry is transferring $29,100 of personal cash and equipment worth $24,300 to the partnership. Nick owns land worth $18,800 and a small building worth $75,700, which he transfers to the partnership. There is a long-term mortgage of $20,500 on the land and building, which the partnership assumes. Frank transfers cash of $7,300, accounts receivable of $36,800, supplies worth $2,300, and equipment worth $22,700 to the partnership. The partnership expects to collect $33,000 of the accounts receivable.