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Bloom and Plant organize a partnership on January 1. Bloom's initial investment consists of $1,450 cash, $4,350 equipment and a $1,400 note payable reflecting a
Bloom and Plant organize a partnership on January 1. Bloom's initial investment consists of $1,450 cash, $4,350 equipment and a $1,400 note payable reflecting a bank loan for the new business. Plant's initial investment is cash of $4,400. These amounts are the values agreed on by both partners. The journal entry to record Bloom's investment is:
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