Question 7 (3 points) On February 1, B. Redburn and J. Nichols decide to organize the ACME partnership. Redburn invests $12,000 cash and Nichols contributes $11,000 cash and equipment with a cost of $7,500 and accumulated depreciation of $4,000 and a fair value of $3,300. Required: Prepare the journal entry to record Nichol's investment in the partnership. Paragraph v BIUA GENERAL JOURNAL DEBIT CREDIT DATE ACCOUNT TITLES