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Penner and torres decide to merge their proprietorships

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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 $31,800
Less: Allowance for doubtful accounts 2,226 $29,574
Equipment 22,600
Less: Accumulated depreciation-equip. 7,910 14,690

The partners agree that the net realizable value of the receivables is $26,712 and that the fair value of the equipment is $12,430. Indicate how the accounts should appear in the opening balance sheet of the partnership.

Reference no: EM131768688

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