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Dan Nichols has owned and operated a proprietorship for several years. On January 1, he decides to terminate this business and become a partner in the firm of Nichols and Rathke. Nichols's investment in the partnership consists of $14,000 in cash, and the following assets of the proprietorship: accounts receivable $20,000 less allowance for doubtful accounts of $3,000, and equipment $25,000 less accumulated depreciation of $5,000. It is agreed that the allowance for doubtful accounts should be $4,000 for the partnership. The fair value of the equipment is $17,500.
Instructions:
Journalize Nichols's admission to the firm of Nichols and Rathke.
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