Aaron and Kim form a partnership by combining the assets oftheir separate businesses. Aaron… 1 answer below »

Aaron and Kim form a partnership by combining the assets oftheir separate
businesses. Aaron contributes accounts receivable with a faceamount of $50,000
and equipment with a cost of $180,000 andaccumulated depreciation of$100,000. The partners agree that
the equipment is to be priced at $68,000, that $3,500 of theaccounts receivable
are completely worthless and are not to be accepted by thepartnership, and that
$2,000 is a reasonable allowance for the uncollectibility of theremaining
accounts receivable. Kim contributes cash of $21,000 andmerchandise inventory
of $44,500. The partners agree that the merchandise inventory is tobe priced at
$48,000. Journalize the entries to record in the partnershipaccounts (a)
Aaron’s investment and (b) Kim’s investment QUESTION TITLE :- Aaron and Kim form a partnership by combining the assets of their separate

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