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Jen hall contributed a patent accounts receivable

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1. Jen Hall contributed a patent, accounts receivable, and $22,000 cash to a partnership. The patent had a book value of $56,000. However, the technology covered by the patent appeared to have significant market potential. Thus, the patent was appraised at $150,000. The accounts receivable control account was $32,000, with an allowance for doubtful accounts of $2,000. The partnership also assumed a $12,000 account payable from Hall. Provide the journal entry for Hall's contribution to the partnership. 

Reference no: EM131125698

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