Provide the journal entry for Renfro’s contribution to the partnership — Holly contributed patent accounts receivable and 000 cash had book value However

Holly Renfro contributed a patent, accounts receivable, and $20,000 cash to a partnership. The patent had a book value of $8,000. However, the technology covered by the patent appeared to have significant market potential. Thus, the patent was appraised at $92,000. The accounts receivable control account was $45,000, with an allowance for doubtful accounts of $3,000. The partnership also assumed a $14,000 account payable owed to a Renfro supplier.

Provide the journal entry for Renfro’s contribution to the partnership.