Bloom and Plant organize a partnership on January $1.$ Bloom's initial investment consists of $$300$ cash, $$1,200$ equipment and a $$500$ note payable reflecting a bank loan for the new business. Plant's initial investment is cash of $$1,000.$ These amounts are the values agreed on by both partners. The journal entry to record Bloom's investment is:

Multiple Choice

Debit Cash $$300$; debit Equipment $$1,200$; credit Note Payable $$500$; credit Bloom, Capital $$1,000.$

Debit Cash $$1,000$; credit Bloom, Capital $$1,000.$

Debit Cash $$300$; debit Equipment $$1,200$; credit Bloom, Capital $$2,000.$

Debit Cash $$300$; debit Equipment $$700$; credit Bloom, Capital $$1,000.$

Debit Bloom, Capital $$2,000$; credit Common Stock $$2,000.$