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info: entry: Mike Derr and Mark Finger form a partnership by combining assets of their separate businesses. The following balance sheet is from Derr's sole
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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 $5.800 and the market value of land is $8,800. Balance Sheet Assets Cash Supplies Equipment Accumulated depreciation-Iquip. Land Total at $ 5.300 3.900 9.200 Liabilities Accounts payable Notes payable Total bilties Equity bem. Caparol Total 1x abilities and equity $1,800 3.000 $ 15,000 (22.200) 2.800 4800 $13,200 4.000 $13.200 A Record investment of Derr. Note: Enter debits before credits. Transaction Debit General Journal Credit entry:
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