Vanessa Kaiser and Mariah Newman decide to form a partnership by combining the assets of their separate businesses. Kaiser contributes the following assets to the partnership: cash, $14,530; accounts receivable with a face amount of $152,570 and an allowance for doubtful accounts of $5,500; merchandise inventory with a cost of $81,890; and equipment with a cost of $177,670 and accumulated depreciation of $115,490. The partners agree that $6,710 of the accounts receivable are completely worthless and are not to be accepted by the partnership, that $11,440 is a reasonable allowance for the uncollectibility of the remaining accounts, that the merchandise inventory is to be recorded at the current market price of $76,980, and that the equipment is to be