Question: Ed and Frank form a partnership by combining the assets of their separate businesses. Ed contributes Cash of $10,000, accounts receivable with a face amount of $50,000 and equips a cost of $180,000 and accumulated depreciation of $100,000. The partners agree that the equipment is to be priced at $70,000, that $2,500 of the accounts receivable are completely and are not to be accepted by the partnership, and that $1, 500 is a reasonable allowance for the uncontrollability of the remaining counts receivable. Frank contributes cash of $20,000 and merchandise inventory of $49, 500. The partners agree that the merchandise inventory is to be priced at $51,000. Journalize the entries to record in the partnership accounts
(a) Ed's investment and
(b) frank's investment.