Mike Derr and Mark Finger form a partnership by imbinjng assets of their separate businesses. The following balance sheet information is provided by Derr from his sole proprietorship.

12 Homework Problem 12-1A Recording partnership formation LO P1 Miace Der and Mark Finger form a partnership by combining assets of ther separate businesses. The following balance sheet information is provided by Derr from his sole proprietorship s 1,96 Accounts payable 3,900 Notes payable $15,500 Lessi Accumulated depreciation-Equip 4.900 M Derr Capital $11,000 Total liabilities and equity 4 200 su The new partners obtain appraised values and agree to accept the book values for Derr's assets and liabilities except for the following Equipment is valued at $5,900, and land is worth $8,900 Required Prepare the partnership's journal entry to record Derr's investment Journal entry worksheet Record investment of Derr Prey 1 of 12lE Nex > re to search