Hannah Freeman and Hugo Hernandez form a partnership by combining assets of their former businesses. The following balance sheet information is provided by Freeman, sole proprietorship:
Hannah Freeman Proprietorship
Balance Sheet
June 1, 20Y3

Freeman obtained appraised values for the land and equipment as follows:
Land ................................... $320,000
Equipment ............................... 34,800
An analysis of the accounts receivable indicated that the allowance for doubtful accounts should be increased to $9,500.
Journalize the partnership's entry for Freeman's investment.

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Cash Accounts receivable Less: Allowance for doubtful accounts Land Equipment Less: Accumulated depreciation-equ Total assets Accounts payable Notes payable Hannah Freeman, capital Total liabilities and owner's equity 65,000 $125,000 7,200 117,800 215,000 $ 78,000 41,000 37,000 $434,800 24,800 76,000 334,000 $434,800