(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	$31,800
Less: Allowance for doubtful accounts	2,226	$29,574
Equipment	22,600
Less: Accumulated depreciation-equip.	7,910	14,690

The partners agree that the net realizable value of the receivables is $26,712 and that the fair value of the equipment is $12,430. Indicate how the accounts should appear in the opening balance sheet of the partnership.

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