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Please answer in this format Problem 12-1A Recording partnership formation LO P1 Mike Derr and Mark Finger form a partnership by combining assets of their
Please answer in this format
Problem 12-1A Recording partnership formation LO P1 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 $6,300 and the market value of land is $9,300. Balance Sheet Assets Cash Supplies Equipment Accumulated depreciation-Equip. Land Total assets Liabilities Accounts payable Notes payable Total liabilities Equity M. Derr, Capital Total liabilities and equity $ 2,300 4,300 $ 17,500 (14,200) 3,300 5,300 $15,200 $ 5,800 4,400 10,200 5,000 $15,200 Prepare the partnerships journal entry to record Derr's investment. Journal entry worksheetStep by Step Solution
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