Problem D-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 information is provided by Derr from his sole proprietorship. Suppliea Equipment 1,800Accounts payable 3,800 Notea payable $5,300 ,900 9,200 $15,000 Total liabilities 4,000 u20Total liabilities and equity $ 00 Land -4,000 M, Derr, capital Total assets - 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 $5,800, and land is worth $8,800. Required Prepare the partnership's journal entry to record Derr's investment. Problem D-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 information is provided by Derr from his sole proprietorship. Suppliea Equipment 1,800Accounts payable 3,800 Notea payable $5,300 ,900 9,200 $15,000 Total liabilities 4,000 u20Total liabilities and equity $ 00 Land -4,000 M, Derr, capital Total assets - 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 $5,800, and land is worth $8,800. Required Prepare the partnership's journal entry to record Derr's investment