Terry, Nick, and Frank are forming The Doctor Partnership. Terry
is transferring $29,100 of personal cash and equipment worth
$24,300 to the partnership. Nick owns land worth $18,800 and a
small building worth $75,700, which he transfers to the
partnership. There is a long-term mortgage of $20,500 on the land
and building, which the partnership assumes. Frank transfers cash
of $7,300, accounts receivable of $36,800, supplies worth $2,300,
and equipment worth $22,700 to the partnership. The partnership
expects to collect $33,000 of the accounts receivable.
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