Prepare the journal entry to record the partners' investment in the company.
Todd and Dillon combine their two businesses and enter into a partnership. Todd invests $10,000 cash and equipment on his books at $8,000 with accumulated depreciation of $3,000. The fair market value of the equipment is $7,000. Dillon is investing $6,000 cash and $500 accounts payable.

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The Answer of Prepare the journal entry to record the partners' investment in the company.
Todd and Dillon combine their two businesses and enter into a partnership. Todd invests $10,000 cash and equipment on his books at $8,000 with accumulated depreciation of $3,000. The fair market value of the equipment is $7,000. Dillon is investing $6,000 cash and $500 accounts payable.

Prepare the Journal Entry to Record the Partners' Investment in the Company