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The following assets were received from Jeff Horton in exchange for capital stock: cash, $20,000; accounts receivable, $14,700; supplies, $3,300; and office equipment, $12,000. There

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The following assets were received from Jeff Horton in exchange for capital stock: cash, $20,000; accounts receivable, $14,700; supplies, $3,300; and office equipment, $12,000. There were no liabilities received

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