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How the accounts should appear in the opening balance sheet

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

Accounts receivable $26,000
Les s

Allowance for doubtful accounts1,820
                       $24,180
Equipment37,000
Less:

Accumulated depreciation-equip.12,950
24,050

Problem 1: The partners agree that the net realizable value of the receivables is $21,840 and that the fair value of the equipment is $20,350. Indicate how the accounts should appear in the opening balance sheet of the partnership.

Reference no: EM132823598

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