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Recording Partner's Original Investment Kimberly Payne and Arionna Maples decide to form a partnership by...

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Recording Partner's Original Investment 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, $11,910; accounts receivable with a face amount of $125,060 and an allowance for doubtful accounts of $4,510; merchandise inventory with a cost of $93,040; and equipment with a cost of $155,680 and accumulated depredation of $101,190. The partners agree that $5,500 of the accounts receivable are completely worthless and are not to be accepted by the partnership, that $9,380 is a reasonable allowance for the uncollectibility of the remaining accounts, that the merchandise inwentory is to be recorded at the current market price of $87,460, and that the equipment is to be valued at $68,660 Journalize the partnership's entry to record Payne's investment. For a compound transaction, I an amount box does not require an entry, leave it blank. Cash Accounts Receivable Merchandise Inventory Equipment Allowance for Doubtful Accounts Kimberly Payne, Capital

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