Journalizing Partner's Original Investment Austin Fisher contributed land, inventory, and $35,000 cash to a partnership....
70.2K
Verified Solution
Link Copied!
Question
Accounting
Journalizing Partner's Original Investment Austin Fisher contributed land, inventory, and $35,000 cash to a partnership. The land had a book value of $77,000 and a market value of $136,000. The inventory had a book value of $63,800 and a market value of $59,300. The partnership also assumed a $55,000 note payable owed by Fisher that was used orginally to purchase the land. Required: Provide the journal entry for Fisher's contribution to the partnership. If an amount box does not require an entry, leave it blank
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
