Am I correct in my thinking for this scenario?

Norton invests personally owned equipment, which originally cost $110,000 and has accumulated depreciation of $30,000 in the Norton and Kennett partnership. Both partners agree that the fair market value of the equipment was $60,000. My entry would be to record Horton's investment as show as below. Am i on the right path?

Debit Credit

Equipment 110,000

Accumulated Depreciation - Equipment 30,000

Norton Capital 80,000