John and Bart decide to form a partnership. John invests $250,000 cash and accounts receivable of $200,000 less allowance for doubtful accounts of $20,000. Bart contributes $150,000 cash. accounts receivable of $25,000 less allowance for doubtful account of $3,000 , and equipment having a $60,000 book value. It is agreed that the allowance account should be $25,000 for the accounts receivable contributed by John, and $4,000 for the accounts receivable by Bart. The fair market value of the equipment is $75,000 at the date of transfer to the partnership.
Prepare the necessary journal entry to record the formation of the partnership.
Please explain to me how you got the answer as well i'm a little confused. Thank you.