Actor Brees and Cotswald Are Forming the ABC Partnership

Essay

Actor Brees and Cotswald are forming The ABC Partnership. Actor is transferring $40000 of personal cash and equipment worth $38000 to the partnership. Brees owns land worth $27000 and a small building worth $112000 which he transfers to the partnership. There is a long-term mortgage of $40000 on the land and building which the partnership assumes. Cotswald transfers cash of $10000 accounts receivable of $54000 supplies worth $5000 and equipment worth $28000 to the partnership. The partnership expects to collect $48000 of the accounts receivable.
Instructions
Prepare a classified balance sheet for the partnership after the partner's investments on December 31 2017.