on of E12-2 Ted Karl has owned and operated a proprietorship for several years. On January 1, he de cides to end this bu

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On Of E12 2 Ted Karl Has Owned And Operated A Proprietorship For Several Years On January 1 He De Cides To End This Bu 1 (24.69 KiB) Viewed 51 times

on of E12-2 Ted Karl has owned and operated a proprietorship for several years. On January 1, he de cides to end this business and become a partner in the firm of Kurl and Karl. Karl's investment in the partnership consists of $12,000 cash and the following assets from the proprietorship: accounts receivable of $14,000 less an allowance for doubtful accounts of $2,000, and equipment of $20,000 less accumulated amortization of $4,000. It is agreed that the net realizable value of the accounts receivable should be $11,000 for the partnership. The fair market value of the equipment is $17,500 The partnership will also assume responsibility for Karl's accounts payable of $6,000. Instructions Journalize Karl's admission to Kurl and Karl on January 1.