The DELS partnership was formed by combining individual accounting practices on May 10, 20X1. The initial investments were as follows: Current Value Basis Delaney: $ 8,200 $ 8,200 Cash Building Mortgage payable, assumed by DELS Engstrom: Cash 60,700 37,400 32,100 37,400 9,600 23,100 10,700 9,600 17,900 10,700 Office furniture Note payable, assumed by DELS Lahey Cash 12,100 18,900 16,200 12,100 21,900 16,200 Computers and printers Note payable, assumed by DELS Si Cash 21,500 21,500 5,400 Library (books and periodicals ) 7,400 Required: a. Prepare the journal entry to record the initial investments using GAAP accounting. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list The DELS partnership was formed by combining individual accounting practices on May 10, 20X1. The initial investments were as follows: Current Value Basis Delaney: $ 8,200 $ 8,200 Cash Building Mortgage payable, assumed by DELS Engstrom: Cash 60,700 37,400 32,100 37,400 9,600 23,100 10,700 9,600 17,900 10,700 Office furniture Note payable, assumed by DELS Lahey Cash 12,100 18,900 16,200 12,100 21,900 16,200 Computers and printers Note payable, assumed by DELS Si Cash 21,500 21,500 5,400 Library (books and periodicals ) 7,400 Required: a. Prepare the journal entry to record the initial investments using GAAP accounting. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list