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Provide the journal entry for Howell contribution

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Problem - Reese Howell contributed equipment, inventory, and $34,000 cash to a partnership. The equipment had a book value of $23,000 and a market value of $29,000. The inventory had a book value of $60,000 but only had a market value of $15,000 due to obsolescence. The partnership also assumed a $12,000 note payable owed by Howell that was used originally to purchase the equipment. Provide the journal entry for Howell's contribution to the partnership.

Reference no: EM132692910

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