Bloom and Plant organize a society on January 1st. Bloom's initial investment consists of $800 in cash, $1,700 in equipment, and a $500 promissory note to be paid reflecting a bank loan for the new business. The initial investment of the plant is $2,000 in cash. These amounts are the values agreed by both partners. What is the journal entry to record the investment of the Plant?

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The journal entry to record the investment of Plant is as follows ... View the full answer