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Dave Krug contributed $1,200 cash along with inventory and land to a new partnership. The...

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Accounting

Dave Krug contributed $1,200 cash along with inventory and land to a new partnership. The inventory had a market value of $2,400. The land had a market value of $5,400. The partnership also accepted a $3,200 note payable owed by Krug to a creditor.

Prepare the partnerships journal entry to record Krugs investment.

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