Dave Krug contributed $2,900 cash along with inventory and land to a new partnership. The inventory had a book value of $2,700 and a market value of $5,800. The land had a book value of $3,300 and a market value of $8,800. The partnership also accepted a $4,900 note payable owed by Krug to a creditor. 17 Prepare the partnership's journal entry to record Krug's investment 5 points View transaction list 01:22:10 Journal entry worksheet A Record the investment of Krug. Note: Enter debits before credits. Transaction Credit General Journal Debit 1 Clear entry View general journal Record entry Stolton and Bright are partners in a business they started two years ago. The partnership agreement states that Stolton should receive a salary allowance of $12,600 and that Bright should receive a $22,600 salary allowance. Any remaining income or loss is to be shared equally. 18 Determine each partner's share of the current year's net income of $52,400. (Enter all allowances as positive values. Enter losses as negative values.) 7 points Allocation of Partnership Income Stolton Bright Total 01:22:05 52,400 Net Income Salary allowances 0 Balance of income Balance allocated equally 0 $ Balance of income 0 Shares of the partners 0 0 X