Dave Krug contributed $2,100 cash along with inventory and land to a new partnership. The inventory had a book value of $1,900 and a market value of $4,200. The land had a book value of $2,500 and a market value of $7,200. The partnership also accepted a $4,100 note payable owed by Krug to a creditor. Prepare the partnerships journal entry to record Krugs investment.

• Record the investment of Krug.

Note: Enter debits before credits.

Transaction	General Journal	Debit	Credit
1