Joan contributes cash of $48,000, and Jamie contributes office equipment that cost $40,000 but is valued at $32,000 to the formation of a new partnership. The entry to record the investments in the partnership is:
A) Cash 48,000 Equipment 40,000Capital, Joan 48,000Capital, Jamie 40,000
B) Cash 48,000 Equipment 32,000Capital, Joan 48,000Capital, Jamie 32,000
C) Cash 48,000 Equipment 40,000Loss 8,000Capital, Joan 48,000Capital, Jamie 48,000
D) Cash 48,000 Equipment 40,000Capital, Joan 48,000Capital, Jamie 32,000Loss, Jamie 8,000
B
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