M. Abadie and S. Collier combine their individual sole proprietorships to start the Abadie Collier partnership. M. Abadie and S. Collier invest in the partnership as follows
Book Value
Fair Value
Abadie
Collier
Abadie
Collier
Cash
$21,000
$6,000
$ 21,000
$6,000
Accts Receivable 10,000
5,000
10,000
5,000
Allow. doubt
Accounts
(1,500)
(600)
(2,100)
(900)
Equipment
15,000
24,000
13,500
9,000
Accm. Depreciation (3,000)
(9,000)
The entries to record the investment will include a credit to