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Will Clark operates a store that sells computer software. Clark has agreed to enter into a partnership with Pettit, effective Jan 1, 2010 the new firm will be contemporary computing. Clark is to transfer all assets and liabilities of his firm to the partnership at the values agreed on. Pettit will invest cash that is equal to 80 percent of Clark's investment after revaluation. The accounts shown on Clarks books and the agreed- on value of assets and liabilities are shown below.
1. Prepare the general ledger journal entries to record the following transactions in the books of the partnership on January 1,2010Balances shown in value agree toClark's records by partners
Assets transferredCash 20,000 20000Accounts receivable 58000Allowance for doubtful 20000 56000 53600Merchandise inventory 334,000 346,000Furniture and equipment 112000Accumulated depreciation 46,000 66000Total assets 476000 491200Liabilities and owners' equity transferredAccounts payable 44000 44000Will Clark capital 432000 432000a. Receipts of Clarks investments of assets and liabilitiesb. Receipt of pettis investment in cash2. Prepare a balance sheet for the partnerships of the beginning of its operations on January 1, 2010Analyze: based on the balance sheet you prepared, what percentage (to the nearest 1/10 of 1%)of total equity is owe?
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