Terry, Nick, and Frank are forming The Doctor Partnership. Terry is transferring $29,500 of personal cash and equipment worth $25,100 to the partnership. Nick owns land worth $18,000 and a small building worth $75,300, which he transfers to the partnership. There is a long-term mortgage of $19,400 on the land and building, which the partnership assumes. Frank transfers cash of $7,000, accounts receivable of $36,600, supplies worth $2,800, and equipment worth $22,700 to the partnership. The partnership expects to collect $31,200 of the accounts receivable. Prepare a classified balance sheet for the partnership after the partners investments on December 31, 2017.

THE DOCTOR PARTNERSHIP Balance Sheet December 31, 2017 Assets Current Assets Cash Liabilities and Owners' Equity