C. Held and G. Kamp decide to merge their proprietorships into a partnership called Heldkamp Company. The balance sheet of Kamp Co. shows:
| Accounts receivable Don't use plagiarized sources. Get Your Custom Essay on c held and g kamp decide to merge their proprietorships into a partnership 543551 For $10/Page 0nly | $16,000 | |
| Less: Allowance for doubtful accounts | 1,200 | $14,800 |
| Equipment | 20,000 | |
| Less: Accumulated depreciation | 8,000 | 12,000 |
The partners agree that the net realizable value of the receivables is $12,500 and that the fair value of the equipment is $10,000. Indicate how the four accounts should appear in the opening balance sheet of the partnership.
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