COMPLETEEE ANSWER AND WITH EXPLANATIONS PLEASE

1. Requirements:

Record the partnership formation

Prepare the partnership Statement of financial position as at October 31,2021

. Two sole proprietors for a partnership On October 31, 2021, Ed and Felizminio agreed to combine their proprietorship as a partnership. Their statements of financial position are as follows: Ed Business Felizminio Business Book Value Market Value Book Value Market Value Cash 37,000 37,000 80,000 80,000 Accounts 220,000 202,000 80,000 63,000 Receivable (net] Inventory 510,000 460,000 340,000 351,000 Property and 1,218,000 1,235,000 535,000 574,000 Equipment (net) Accounts Payable 236,000 236,000 91,000 91,000 Accrued 22,000 22,000 14,000 14,000 Expenses Notes Payable 750,000 750,000 Ed Capital 977,000 Felizminio Capital Required: 1. Record the partnership formation 2. Prepare the partnership statement of financial position as at October 31, 2021