Question

Problem 12-1A Recording partnership formation LO P1 Mike Derr and Mark Finger form a partnership by combining assets of their separate businesses. The following balance sheet is from Derr's sole proprietorship. The market value of Derr's equipment is $6,300 and the market value of land is $9,300. Balance Sheet Assets Cash Supplies Equipment Accumulated depreciation-Equip. Land Total assets Liabilities Accounts payable Notes payable Total liabilities Equity M. Derr, Capital Total liabilities and equity $ 2,300 4,300 $ 17,500 (14,200) 3,300 5,300 $15,200 $ 5,800 4,400 10,200 5,000 $15,200 Prepare the partnership’s journal entry to record Derr's investment.

Please answer in this format

Answer 1

	General Journal	Debit	Credit
1	Cash	2300
	Supplies	4300
	Equipment	6300
	Land	9300
	Accounts Payable		5800
	Notes Payable		4400
	M. Derr, Capital		12000