Dave Krug contributed $2,400 cash along with inventory and land to a new partnership. The inventory had a market value of $4,800. The land had a market value of $7,800. The partnership also accepted a $4,400 note payable owed by Krug to a creditor. Prepare the partnership's journal entry to record Krug's investment. View transaction list Journal entry worksheet Record the investment of Krug. Note: Enter debits before credits. Required information [The following information applies to the questions displayed below.] Ramer and Knox began a partnership by investing $80,000 and $120,000, respectively. During its first year, the partnership earned $235,000. Prepare calculations showing how the $235,000 income is allocated under each separate plan for sharing income and loss. 1. The partners did not agree on a plan, and therefore share income equally. Ramer Knox