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Kennets and Wastes are forming a parthership to develop a theme park near Bay City. Flocida. Kennett contributes cash of 53,750,000 and land with a current markit value of 3 Konnetl purchased the land in 2021, its cost was $8,000,000. The partnership will assume Kennetr's $4,000,000 note payable on the land. Waites contrbutes cash of $5,750,000 and a curtent mariet value of $4,250,000 Pead the Now record the entry for Waites' invostment. Kennett and Wales aye forming a partnership to develop a theme park near Bay Ciy, Florids. Kennett contrbutes cash of $3.750.000 and land with a current market value of $10,000,00 Kenrett purchased the land in 2021, is cost was $8,000,060. The partnership will assume Konnetrs $4,000,000 note payable on the land. Waites contributes cash of $5.750,000 and eq. a cument market valun of $4,250,000. Finad the Now record the entry for Wabes' investment. Ketrett and Wales are foming a parnerahip to devolop a therne park new Bay Cly. Florida. Kennett contribules cash of $3,750,000 and land with a current market value of 510,000,000. When A conpot mariof value of $4.260,000. Read the teoulternents Reguirement 1. Jounalice the partwership's teceipt of assets and labibes from Kenteit and trom Wates. (Record debits frat, then eredts. Select the arplaratien on the last line of the journat enily table.) Fint resord the enty for Kennetfs investment. Now foord the entiy for Wales imvestment. Kennets and Wastes are forming a parthership to develop a theme park near Bay City. Flocida. Kennett contributes cash of 53,750,000 and land with a current markit value of 3 Konnetl purchased the land in 2021, its cost was $8,000,000. The partnership will assume Kennetr's $4,000,000 note payable on the land. Waites contrbutes cash of $5,750,000 and a curtent mariet value of $4,250,000 Pead the Now record the entry for Waites' invostment. Kennett and Wales aye forming a partnership to develop a theme park near Bay Ciy, Florids. Kennett contrbutes cash of $3.750.000 and land with a current market value of $10,000,00 Kenrett purchased the land in 2021, is cost was $8,000,060. The partnership will assume Konnetrs $4,000,000 note payable on the land. Waites contributes cash of $5.750,000 and eq. a cument market valun of $4,250,000. Finad the Now record the entry for Wabes' investment. Ketrett and Wales are foming a parnerahip to devolop a therne park new Bay Cly. Florida. Kennett contribules cash of $3,750,000 and land with a current market value of 510,000,000. When A conpot mariof value of $4.260,000. Read the teoulternents Reguirement 1. Jounalice the partwership's teceipt of assets and labibes from Kenteit and trom Wates. (Record debits frat, then eredts. Select the arplaratien on the last line of the journat enily table.) Fint resord the enty for Kennetfs investment. Now foord the entiy for Wales imvestment

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