Penner and Torres decide to merge their proprietorships into a partnership called Pentor Company. The balance sheet of Torres Co. shows:
| Accounts receivable Don't use plagiarized sources. Get Your Custom Essay on indicate how the accounts should appear in the opening balance sheet of the partners 618564 Get an essay WRITTEN FOR YOU, Plagiarism free, and by an EXPERT! Just from $10/Page | $16,000 | |
| Less:Allowance for doubtful accounts | 1,200 | $14,800 |
| Equipment | 20,000 | |
| Less:Accumulated depreiciation-equip | 7,000 | 13,000 |
The partners agree that the net realizable value of the receivables is $14,500 and that the fair value of the equipment is $11,000. Indicate how the accounts should appear in the opening balance sheet of the partnership.
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