Trevor Smith contributed equipment, inventory, and $48,000 cash to a partnership. The equipment had a book value of $25,000 and a market value of $28,000. The inventory had a book value of $70,000, but only had a market value of $30,000, due to obsolescence. The partnership also assumed a $14,500 note payable owed by Smith that was used originally to purchase the equipment.

Required:

Provide the journal entry for Smiths contribution to the partnership. Refer to the Chart of Accounts for exact wording of account titles.