EX 12-2 Record partner’s original investment
Jessica Kimble and Carlos Segura form a partnership by combining assets of their former businesses. The following balance sheet information is provided by Kimble, sole proprietorship:
| Cash | $50,000 | |
| Accounts receivable | $100,000 | |
| Less: Allowance for doubtful accounts | 5,900 | 94,100 |
| Land | 180,000 | |
| Equipment | $70,000 | |
| Less: Accumulated depreciation—equipment | 43,000 | 27,000 |
| Total assets | $351,100 | |
| Accounts payable | $22,500 | |
| Notes payable | 80,000 | |
| Jessica Kimble, capital | 248,600 | |
| Total liabilities and owner’s equity | $351,100 |
Kimble obtained appraised values for the land and equipment as follows:
| Land | $284,000 |
| Equipment | 19,000 |
An analysis of the accounts receivable indicated that the allowance for doubtful accounts should be increased to $7,000.
Journalize the partnership’s entry for Kimble’s investment.
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