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Stevie Lewis and Mack Young are forming a partnership to develop a golf...

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Accounting

Stevie Lewis and Mack Young are forming a partnership to develop a golf course. Lewis contributes cash of $1,000,000 and land with a current market value of $10,000,000. When Lewis purchased the land in 2012, it cost $7,000,000. Young contributes cash of $3,000,000 and equipment with a current market value of $800,000. Journalize the partnership's receipt of assets from Lewis and Young. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
Start by journalizing the partnership's receipt of assets from Lewis.
Date 1 Accounts and Explanatiort
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