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Provide the journal entry for Renfro contribution

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Reference no: EM132785035

Problem - Holly Renfro contributed a patent, accounts receivable, and $20,000 cash to a partnership. The patent had a book value of $8,000. However, the technology covered by the patent appeared to have significant market potential. Thus, the patent was appraised at $92,000. The accounts receivable control account was $45,000, with an allowance for doubtful accounts of $3,000. The partnership also assumed a $14,000 account payable owed to a Renfro supplier. Provide the journal entry for Renfro's contribution to the partnership.

Reference no: EM132785035

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