Jordan and Simpson start a partnership on January 1 of the current year. Simpson contributes $38,000 cash, a piece of equipment that originally cost $35,000 (accumulated depreciation of $28,000 and a current market value of $30,000), and accounts payable with a current market value of $9,000. Prepare the journal entry to record Simpson's partnership investment. (Record debits first, then credits. Exclude explanations from journal entries.) Accounts Debit Credit