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Kimberly Payne and Arionna Maples decide to form a partnership by combining the assets of their separate businesses. Payne contributes the following assets to the partnership: cash, $16,510; accounts receivable with a face amount of$173,360 and an allowance for doubtful accounts of $6,260; merchandise inventory with a cost of$76,930; and equipment with a cost of $142,650 and accumulated depreciation of$92,720.
The partners agree that $7,630 of the accounts receivable are completely worthless and are not to be accepted by the partnership, that$13,000 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 $72,310, and that the equipment is to be valued at$62,910.