What is the answer to this?

Problem 12-1A Recording partnership formation LO P1 Mik e Derr and Mark Finger form a partnership by combi information is provided by Derr from his sole proprietorship. ning assets of their separate businesses. The following balance sheet Cash Supplies Equipment Less: Accumulated depreciation-Equip. Land Total assets $1,00 Accounts payable 3,000 Notes payable 4,500 3,100 7,600 $11,000 Total liabilities 9,80 2,600 4,000 M. Derr, Capital 2,480 510,eee Total liabilities and equity 10,00e The new partners obtain appraised values and agree to accept the book values for Derr's assets and liabilities except for the following Equipment is valued at $5,000, and land is worth $8,000 Required Prepare the partnership's journal entry to record Derr's investment. View transaction list Journal entry worksheet Record investment of Derr Note: Enter debits before credits. Debit Credit General Journal Transaction 1,000 Cash