Barbara Ripley and Fred Nichols decide to organize the ALL-Star partnership. Ripley invests $25,200 cash, and Nichols contributes $17,000 cash and equipment having a book value of $5,376. Prepare the entry to record Nicholss investment in the partnership, assuming the equipment has a fair value of $6,720. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Penner and Torres decide to merge their proprietorships into a partnership called Cullumber Company. The balance sheet of Torres Co. shows:

Accounts receivable		$33,000
Less: Allowance for doubtful accounts		2,310		$30,690
Equipment		28,000
Less: Accumulated depreciationequip.		9,800		18,200