Two sole proprietors, L and M, agreed to form a partnership on January 1, 20x4. The trial balance L M Book Value Fair Value Book Value Fair Value Cash P 40,000 P 40,000 P 30,000 P 30,000 Accounts receivable (net) 60,000 52,000 70,000 56,000 Merchandise Inventory 100,000 94,000 100,000 114,000 Building (net) 280,000 320,000 250,000 280,000 Furniture and Fixtures (net) 60,000 64,000 40,000 44,000 Accounts payable 110,000 110,000 80,000 80,000 Mortgage payable 200,000 200,000 150,000 150,000 L, Capital 230,000 M, Capital 260,000 The LM partnership will take over the assets and assume the liabilities of the proprietors as of January 1, 20x4. Determine the total assets after formation of the partnership
Two sole proprietors, L and M, agreed to form a
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