Holly Renfro contributed a patent, accounts receivable, and $21,320 cash to a partnership. The patent had a book value of $8,420. However, the technology covered by the patent appeared to have significant market potential. Thus, the patent was appraised at $92,790. The accounts receivable control account was $40,400, with an allowance for doubtful accounts of $1,900. The partnership also assumed a $9,700 account payable owed to a Renfroâs supplier.
Required:
1. On December 31, provide the journal entry for Renfroâs contribution to the partnership. Refer to the Chart of Accounts for exact wording of account titles.

Moon flower cosmetics company executives are aware that their asian customer base is interested in advanced skin care treatments beyond moon flower's traditional herbal and organic compounds. moon flower and a large american chemical company are in discussions to create a 50-50 partnership in a new firm, which would create skin care treatments based on innovative chemical formulations that would be marketed both in asia and in the united states. beyond being a cross-border alliance, this partnership can be called a(n)a. nonequity strategic alliance. b. joint venture. c. horizontal complementary alliance. d. equity strategic alliance.