terry, nick, and frank are forming the ivanhoe partnership. terry is transferring $30,700 of personal cash and equipment worth $24,400 to the partnership. nick owns land worth $18,300 and a small building work $75,400, which he transfers to the partnership. there is a long-term mortgage of $20,500 on the land and building, which the partnership assumes. frank transfers cash of $7,300, accounts receivable of $35,800, supplies worth $2,600, and equipment worth $23,000 to the partnership. the partnership expects to collect $33,000 of the accounts receivable