Catrina Santana contributed a patent, accounts receivable, and $24,010 cash to a partnership. The patent...
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Catrina Santana contributed a patent, accounts receivable, and $24,010 cash to a partnership. The patent had a book value of $7,570. However, the technology covered by the patent appeared to have significant market potential. Thus, the patent was appraised at $79,080. The accounts receivable control account was $37,630, with an allowance for doubtful accounts of $2,190. The partnership also assumed a $9,840 account payable owed to a Santana supplier.
On December 31, provide the journal entry for Santana's contribution to the partnership.
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