Exercise 2 BE12-2 R. Black and B. Rivers decide to organize the Black River Partnership. Black contributes $10,000 cash and equipment that originally cost $7,000. The accumulated depreciation on the equipment is $2,500 and the fair value is $4,000. Rivers contributes $2,400 of accounts receivable, of which the partners agree that $2,000 is collectible, Rivers will also contribute the amount of cash required so both partners have the same amount in their capital accounts. Prepare the entry to record each partner's investment in the partnership on July 1, 2014