The trial balances of two proprietorships on January 1, 2024, follow: William Company Brown Company Dr. Cr. Dr. Cr. Cash $8,680 $7.440 Accounts receivable 10,850 16,120 Allowance for doubtful accounts $1,860 $2,728 Merchandise inventory 16,430 11,408 Equipment 27,900 17,980 Accumulated depreciation-equipment 14,880 6,820 Accounts payable I. William, capital P. Brown, capital 14,880 $63,860 $63,860 $52,948 $52,948 24,800 28,520 22,320 Chapter 12 Question 2 of 5 < > 1. William, capital P. Brown, capital 22,320 14,880 $63,860 $63,860 $52,948 $52,948 14.04/16 William and Brown decide to form a partnership on January 1 and agree on the following valuations for the noncash assets that they are each contributing: William Brown Accounts receivable-net realizable value $8,060 $13,020 Merchandise inventory 17,360 12,400 Equipment 15,500 21,700 All of the assets in each of the proprietorships will be transferred to the partnership. The partnership will also assume all the liabilities of the two proprietorships. William and Brown are also agreed that Brown will invest the amount of cash required so their investments in the partnership are equal. (b) ENG Search W 0 ex -> US Question 2 of 5 < Prepare a balance sheet for the partnership as at January 1, 2024. (List Current Assets in order WILLIAM AND BROWN PARTNERSHIP Balance Sheet January 1, 2024 Current Assets Cash Accounts Receivable Merchandise Inventory Total Current Assets Property, Plant, and Equipment Equipment Assets 26970 29760 37200 Chapter 12 Question 2 of 5 < > loudy Total Current Assets Property, Plant, and Equipment Equipment Total Assets Current Liabilities Accounts Payable Partners' Equity I. William, Capital P. Brown, Capital Total Partners' Equity Liabilities and Partners' Equity 37200 $ 53320 W Q Search 26040