Horton invests personally owned equipment, which originally cost $110,000 and has accumulated depreciation of $30,000 in the Horton and Matile partnership. Both partners agree that the fair market value of the equipment was $60,000.The entry made by the partnership to record Horton's investment should be debit equipment 110,000; credit Accumulated Depreciation-Equipment for 30,000 and Horton, Capital for 80,000 debit equipment 110,000; credit Horton, Capital 110,000 debit equipment 80,000; credit Horton, Capital 80,000 debit equipment 60,000; credit Horton, Capital 60,000