Prepare the journal entry to record the partners' investment in the company.
Palmer invests $1,000 cash and equipment on his books at $6,500 with accumulated depreciation of $1,500.The fair market value of the equipment is $7,000.Evans is investing $7,000 cash and $700 accounts payable.

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The Answer of Prepare the journal entry to record the partners' investment in the company.
Palmer invests $1,000 cash and equipment on his books at $6,500 with accumulated depreciation of $1,500.The fair market value of the equipment is $7,000.Evans is investing $7,000 cash and $700 accounts payable.

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