Graydon and Logan formed the GL Partnership on January 1, 2020, by combining the separate assets of their respective proprietorships. Information relating to their assets and liabilities is as follows: Graydon's assets Logan's assets Book Market Book Market value value value value Cash $100,000 $100,000 $95,000 $95,000 Net accounts receivable 39,000 37,000 28,000 36,000 Inventory 60,000 75,000 55,000 66,000 Land 50,000 80,000 75,000 82,000 Buildings 80,000 70,000 90,000 90,000 Accumulated amortization 25,000 ---- 30,000 ---- Accounts payable 18,000 18,000 25,000 25,000 Prepare the balance sheet for GL Partnership on January 1, 2020, immediately after the partnership entries are prepared.
9.
Graydon and Logan formed the GL Partnership on January 1, 2020, by combining the separate assets of their respective proprietorships. Information relating to their assets and liabilities is as follows:
Graydon's assets Logan's assets
Book Market Book Market
value value value value
Cash $100,000 $100,000 $95,000 $95,000
Net
receivable 39,000 37,000 28,000 36,000
Inventory 60,000 75,000 55,000 66,000
Land 50,000 80,000 75,000 82,000
Buildings 80,000 70,000 90,000 90,000
Accumulated
amortization 25,000 ---- 30,000 ----
Accounts payable 18,000 18,000 25,000 25,000
Prepare the balance sheet for GL Partnership on January 1, 2020, immediately after the partnership entries are prepared.
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