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Trevor Smith contributed equipment, inventory, and $49,000 cash to a partnership. The equipment had a...

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Accounting

Trevor Smith contributed equipment, inventory, and $49,000 cash to a partnership. The equipment had a book value of $28,000 and a market value of $31,000. The inventory had a book value of $80,000, but only had a market value of $40,000, due to obsolescence. The partnership also assumed a $14,800 note payable owed by Smith that was used originally to purchase the equipment. Required: Provide the journal entry for Smiths contribution to the partnership. Refer to the Chart of Accounts for exact wording of account titles.

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