Moe, Larry, and Curly are forming The Stooges Partnership. Moe is transferring 30,000 of personal cash and equipment worth 25,000 to the partnership. Larry owns land worth 18,000 and a small building worth 75,000, which he transfers to the partnership. There is a long-term mortgage of 20,000 on the land and building, which the partnership assumes. Curly transfers cash of 7,000, accounts receivable of 36,000, supplies worth 3,000, and equipment worth 22,000 to the partnership. The partnership expects to collect 32,000 of the accounts receivable.
