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How the accounts should appear in the opening balance

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Penner and Torres decide to merge their proprietorships into a partnership called Pentor Company. The balance sheet of Torres Co. shows:

Accounts receivable

$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.

Reference no: EM13516813

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