Need help with the following accounting question?(No stupid answers please)?

Question

Question.
Jack decided to contibute a number of assets and liabilities to help begin the business.
Cash at bank. $7000
Accounts Receivable. $1000
Boats $25000
Fishing rods. $8000
Motor vehicle $12000
Accounts payable.$2500
Loan. $15000

(a). Use A-L = OE to establish Jack's initial capital. This then needs an opening general journal entry.

(b).On July 2 Jack contributed a boat and motor vehicle to the business with various values. Explain how Jack arrived at these values.

Answer 1

1st total up all the Assets:
Cash at bank. $7000
Accounts Receivable. $1000
Boats $25000
Fishing rods. $8000
Motor vehicle $12000
Total $53,000

2nd, total up all the Liabilities:
Accounts payable.$2500
Loan. $15000
Total $17,500

(a) A -L = OE
So Jack's initial capital = Assets - Liabilities or $53k - $17.5k = $35,500
Opening journal entry
Dr Cash at bank. $7000
Dr Accounts Receivable. $1000
Dr Boats $25000
Dr Fishing rods. $8000
Dr Motor vehicle $12000
Cr Accounts payable.$2500
Cr Loan. $15000
Cr Owner's capital $35,500

(b).On July 2 Jack contributed a boat and motor vehicle to the business with various values. Explain how Jack arrived at these values.
Not knowing what state these assets were in and what values he attributed to them, I presume he valued them at the amt he would have got for them if he were to sell them on the 2nd hand market on a willing buyer willing seller basis.