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Journalizing Partner's Original Investment Xi Lin contributed land, inventory, and $21,000 cash to a partnership. The la
Posted: Thu May 05, 2022 5:28 am
by answerhappygod
- Journalizing Partner S Original Investment Xi Lin Contributed Land Inventory And 21 000 Cash To A Partnership The La 1 (144.42 KiB) Viewed 65 times
Journalizing Partner's Original Investment Xi Lin contributed land, inventory, and $21,000 cash to a partnership. The land had a book value of $74,000 and a market value of $136,000. The inventory had a book value of $62,100 and a market value of $57,100. The partnership also assumed a $53,000 note payable owed by Lin that was used originally to purchase the land. Required: Provide the journal entry for Lin's contribution to the partnership. If an amount box does not require an entry, leave it blank. Cash 1 Inventory ▼✓ Land Notes Payable Xi Lin, Capital ✓