Terry, Nick, and Frank are forming The Sunland Partnership. Terry is transferring $30,300 of personal cash and equipment worth $25,400 to the partnership. Nick owns land worth $17,700 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 $6,300, accounts receivable of $35,500, supplies worth $3,300, and equipment worth $22,900 to the partnership. The partnership expects to collect $31,900 of the accounts receivable. Prepare a classified balance sheet for the partnership after the partners investments on December 31, 2020. (List current assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.)

THE SUNLAND PARTNERSHIP Balance Sheet December 31, 2020 Assets Current Assets Cash 36600 > Accounts Receivable 35500 Less V Allowance for Doubtful Accounts 3300 Supplies 75400 Total Current Assets V 141700 Property, Plant and Equipment Buildings II Equipment Total Property, Plant and Equipment V Total Assets 217100 V Liabilities and Owners' Equity Long-term Liabilities V Mortgage Payable Owners' Equity Terry, Capital V Frank, Capital Nick, Capital V III IO Total Owners' Equity Total Liabilities and Owners' Equity