Ren Li and Chen Guo decide to organize the ALL-Star partnership. Li invests HK$160,000 cash, and Guo

Question:

Ren Li and Chen Guo decide to organize the ALL-Star partnership. Li invests HK$160,000 cash, and Guo contributes HK$110,000 cash and equipment having a book value of HK$32,000. Prepare the entry to record Guo's investment in the partnership, assuming the equipment has a fair value of HK$65,000.