(Answered) Penner and torres decide to merge their proprietorships

Accounting

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

Accounts receivable	$16,000
Less:Allowance for doubtful accounts	1,200	$14,800
Equipment	20,000
Less:Accumulated depreiciation-equip	7,000	13,000

The partners agree that the net realizable value of the receivables is $14,500 and that the fair value of the equipment is $11,000. Indicate how the accounts should appear in the opening balance sheet of the partnership.

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