On December 31, 2024, Demetrius and Garnett agree to combine their sole proprietorships into a partnership. Their balance sheets on December 31 are shown as follows:

Requirements
1. Journalize the contributions of Demetrius and Garnett to the partnership.
2. Prepare the partnership balance sheet at December 31, 2024.

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Assets Cash Accounts Receivable Merchandise Inventory Plant Assets, Net Total Assets Liabilities and Owner's Equity Accounts Payable Other Accrued Payables Notes Payable Demetrius, Capital Garnett, Capital Total Liabilities and Owner's Equity Demetrius's Business Current Market Value Book Value $ 9,000 23,000 49,000 126,000 $ 207,000 $ 23,000 13,000 53,000 118,000 $ 207,000 43,000 108,000 $ 181,000 $ 9,000 $ 3,000 21,000 16,000 40,000 54,000 $ 113,000 $ 23,000 13,000 53,000 ? Garnett's Business Current Market Value $ 181,000 Book Value $ 12,000 101,000 $ 113,000 $ 3,000 14,000 40,000 58,000 $ 115,000 $ 12,000 $ 115,000