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Provide the journal entries to record the investments

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Problem 1: Lori and Timothy combined their savings to open the Tres Leche Bakery. Lori invested $10,000 in cash, whereas Timothy put in $7,500 in cash and some kitchen equipment with a book value at $8,000, accumulated depreciation at $2,000, and a market value at $5,000. Provide the journal entries to record the investments

Reference no: EM132758482

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