Fowler and Vermeer agree to form a partnership. Fowler’s investment consists of the following:

Fowler’s Accounts	Balance sheet balances	Partners’ agreed to values
Cash	$17,200
A/R	3,700
AFDA	500	$400
Merchandise Inventory	11,400	9,300
Equipment	14,600	10,000
Accum. Depr.	2,000
A/P	4,500
Notes Payable	2,100
Mortgages Payable	10,000

Vermeer agrees to invest $42,000 in cash.

Requirement:

Prepare the appropriate journal entry to record Fowler’s and Vermeer’s investment in the partnership.