Carla Cardosa and Kent Nasser decide to organize the ALL-Star partnership. Cardosa invests $15,000 cash, and Nasser

Question:

Carla Cardosa and Kent Nasser decide to organize the ALL-Star partnership. Cardosa invests $15,000 cash, and Nasser contributes $10,000 cash and equipment having a book value of $3,500. Prepare the entry to record Nasser’s investment in the partnership, assuming the equipment has a fair value of $7,000.

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