Barbara Ripley and Fred Nichols decide to organize the ALL-Star partnership. Ripley invests $15,000 cash and Nichols

Question:

Barbara Ripley and Fred Nichols decide to organize the ALL-Star partnership. Ripley invests $15,000 cash and Nichols contributes $10,000 cash and equipment with a cost of $7,000 and accumulated depreciation of $5,000 and a fair value of $3,000. Prepare the entries to record each partner's investment in the partnership.