ron maples and mei cui form a partnership by combining assets of their former busine 644216

Ron Maples and Mei Cui form a partnership by combining assets of their former businesses. The following balance sheet information is provided by Maples, sole proprietorship:

Cash

 

$ 30,000

Accounts receivable

$65,000

 

Less: Allowance for doubtful accounts

3,200

61,800

Land

 

120,000

Equipment

$60,000

 

Less: Accumulated depreciation—equipment

36,000

24,000

Total assets

 

$235,800

 

 

 

Accounts payable

 

$ 18,000

Notes payable

 

45,000

Ron Maples, capital

 

172,800

Total liabilities and owner’s equity

 

$235,800

 

Maples obtained appraised values for the land and equipment as follows:

Land

$165,000

Equipment

10,000

       

An analysis of the accounts receivable indicated that the allowance for doubtful accounts should be increased to $5,000. Journalize the partnership’s entry for Maples’s investment.