D. L. Holmes, as his original investment in the firm of Holmes and Little, contributes equipment originally recorded in his own business as cost¬

ing $80,000, with accumulated depreciation of $52,000. The partners agree on a valuation of $38,000. They also agree to accept Holmes’s Accounts Receivable of $40,000, collectible to the extent of 80 percent. Write the journal entry to record Holmes’s investment in the partnership of Holmes and Little on June 15.