Dave Krug contributed $1,000 cash along with inventory and land to a new partnership. The inventory had a book value of $800 and a market value of $2,000. The land had a book value of $1, 400 and market value of $5,000. The partnership also accepted a $3,000 note payable owed by Krug to a creditor. Prepare the partnership's journal entry to record Krug's investment.
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