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Oct 21, 2021
    1. Financial Statement Penner and Torres decide to merge their proprietorships into a

      partnership called Pentor Company. The balance sheet of Torres Co. shows:

      The partners agree that the net realizable value of the receivables is $14,500 and that the fair value of the equipment is $11,000. Indicate how the accounts should appear in the opening balance sheet of the partnership.

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