Jen Novinska and Jeff Quinlan form a partnership by combining assets of their separate businesses. The following balance sheet information is provided by Novinska from her sole proprietorship.

The new partners obtain appraised values and agree to accept the book values for Novinska's assets and liabilities except for the following: Equipment is valued at $1,000, and land is worth $1,600.
Required
Prepare the partnership's journal entry to record Novinska's investment.

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5 100 1,500 1A000 2 Supplies 600 Notes payable Total liabilities $2,200 4Less: Accumulated depreciation- Equip. 1800 400 5 Land 800 J. Novinska, Capital Total liabilities and equity $2 400 6 Total assets