Please see the attached file.

Problem 4 (Adapted) Obli and Con are joining their separate business to form a partnership. Cash and non-cash assets are to be contributed for a total capital of 300,000. The non-cash assets to be contributed and liabilities to be assumed are: Obli Con Book Value Fair Value Book Value Fair Value Accounts Receivable 22,500 22,500 Inventories 22,500 33,750 60,000 67,500 Equipment 37,500 30,000 67,500 71,250 Accounts Payable 11,275 11,250 7,500 7,500 The partner's capital accounts are to be equal after all contributions of assets and assumptions of liabilities. Determine: 1. The total assets of the partnership: a. 318,750 c. 281,250 b. 300,000 d. 225,000 2. The amount of cash that each partner must contribute: a. Obli - 75,000; Con - 18,750 c. Obli - 161,250; Con - 157,500 b. Obli - 75,000; Con - 11,250 d. Obli - 127,500; Con - 11,250