Amanda Carcello and Miguel Gaspar form a partnership by combining assets of their former businesses. The following balance sheet information is provided by Carcello, sole proprietorship:
Cash $ .............................................................................. 60,000
Accounts receivable ....................................... $130,000
Less: Allowance for doubtful accounts................... 7,200 ...... 122,800
Land ....................................................................................... 205,000
Equipment .................................................. $ 78,000
Less: Accumulated depreciation-equipment.......... 41,000 .... 37,000
Total assets ........................................................................ $424,800
Accounts payable $ .............................................................. 24,800
Notes payable ..................................................................... 90,000
Amanda Carcello, capital ...................................................... 310,000
Total liabilities and owner's equity ........................................... $424,800
Carcello obtained appraised values for the land and equipment as follows:
Land $275,000
Equipment 30,500
An analysis of the accounts receivable indicated that the allowance for doubtful accounts should be increased to $8,500. Journalize the partnership's entry for Carcello's investment.