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On April 1, 2021, Iron Man, Black Widow and Captain America form a partnership. Each partner invests the following: Iron Man invests $250,000 cash and

On April 1, 2021, Iron Man, Black Widow and Captain America form a partnership. Each partner invests the following:

  • Iron Man invests $250,000 cash and $150,000 of equipment
  • Black Widow invests $100,000 cash
  • Captain America invests $85,000 cash

Prepare the journal entry to record the establishment of the partnership.

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