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On January 1, Tan and Green form a partnership. Tan contributes inventory valued at $84,800...

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Accounting

On January 1, Tan and Green form a partnership. Tan contributes inventory valued at $84,800 and equipment valued at $115,200 to the partnership. The partnership also accepts Tan's $95,000 long-term note payable associated with the equipment. Green contributes $103,000 cash to the partnership. The partnership agreement states that Green receives an annual salary allowance of $40,000, and both partners get an annual interest allowance of 8% of their initial capital investment. Any remaining income or loss is

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