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How do I get M. Derr's Capital Mike Derr and Mark Finger form a partnership by combining assets of their separate businesses. The following balance
How do I get M. Derr's Capital
Mike Derr and Mark Finger form a partnership by combining assets of their separate businesses. The following balance sheet is from Derr's sole proprietorship. The market value of Derr's equipment is $6,600 and the market value of land is $9,600. Balance Sheet Assets Cash Supplies Equipment Accumulated depreciation-Equip. Land Total assets Liabilities Accounts payable Notes payable Total liabilities Equity M. Derr, Capital Total liabilities and equity $ 2,600 4,600 $ 19,000 (15,400) 3,600 5,600 $16,400 $ 6,100 4,700 10,800 5,600 $16,400 Prepare the partnerships journal entry to record Derr's investment. No Credit Transaction 1 A Answer is complete but not entirely correct. General Journal Cash Supplies Equipment Land Accounts payable Notes payable M. Derr, Capital Debit 2,600 4,600 6,600 9,600 6,100 4,700 5,600Step by Step Solution
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