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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

image text in transcribedHow 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 5,600

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