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Barbara Ripley and Fred Nichols decide to organize theCullumberpartnership. Ripley invests $15,300cash and Nichols contributes $10,200cash and equipment with a cost of $7,140and accumulated depreciation

Barbara Ripley and Fred Nichols decide to organize theCullumberpartnership. Ripley invests $15,300cash and Nichols contributes $10,200cash and equipment with a cost of $7,140and accumulated depreciation of $5,100and a fair value of $3,060.

Prepare the entries to record each partner's investment in the partnership

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