HW12 Q3

Please answer clearly - Thanks!

Dave Krug contributed $1,300 cash along with inventory and land to a new partnership. The inventory had a market value of $2,600. The land had a market value of $5,600. The partnership also accepted a $3,300 note payable owed by Krug to a creditor. Prepare the partnership's journal entry to record Krug's investment. Journal entry worksheet Note: Enter debits before credits