### Regarding the book values of business assets and liabilities

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On March 1, 2014, Eric Keene and Abigail McKee form a partnership. Keene agrees to invest \$21,100 in cash and merchandise inventory valued at \$55,900. McKee invests certain business assets at valuations agreed upon, transfers business liabilities, and contributes sufficient cash to bring her total capital to \$60,000. Details regarding the book values of the business assets and liabilities, and the agreed valuations, follow:

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