On July 1, 2003, Dr. Wright and Dr. O’Flaherty decided to form a partnership by combining all the assets and liabilities of their respective dental practices. The partnership will have a new and separate set of books. Dr. Wright’s balance sheet at June 30, 2003, was as follows:

The partners agreed that $5,600 of the accounts receivable were uncollectible and that $2,400 was a reasonable allowance for the uncollectibility of the remaining receivables. They also agreed that the dental equipment and the building should be recorded at their respective fair market values of $46,000 and $182,000. Prepare the journal entry to record Dr. Wright’s investment in the partnership.

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Cash Accounts receivable. Less allowance for uncollectible accounts. Dental equipment Assets Less accumulated depreciation Building.. Less accumulated depreciation Total assets Liabilities and Owner's Equity Accounts payable Mortgage payable Dr. Wright, capital Total liabilities and owner's equity $ 27,000 $116,000 6,600 109,400 $ 52,900 24,200 28,700 $169,400 13,500 155,900 $321,000 $ 22,700 150,000 148,300 $321,000