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  1. business
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  3. three partners partner 1 contributed $4250000 in

three partners Partner 1 contributed $4250000 in on January 1* 1999 cash with...

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Accounting

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Partner 1 contributed $4250000 in on January 1* 1999 cash with a future market value of $4250000 Partner 2 contributed $4250000 in on January 1* 1999 cash with a future market value of $4250000 Partner 2 contributed $5100000 in on January 1* 1999 cash with a future market value of $10200000 On June 1- the blank company took out a loan for $10200000 to buy a commercial building for 8.5 million dollars which generated a rental income of $680000 at the end of the year. The company spends $6800000 on furniture to furnish the commercial building and make land improvements by using the remaining loan balance and plus some cash from the partner's contributions. At the end of the year, the company had the following on their balance sheet Accounts Receivable 119000 Cash 569075 Mortgage 10200000 Security Deposits 85000 Prepaid Expenses 170000 Security Deposits 85000 Building 8500000 Accrued Expenses -87975 Furniture 2550000 Land improvements 6800000 Accounts Payable -195500 Land 10200000 the blank company had expanses of $997900 for the year A) Prepare a trial balance and journal entries for the end of the year 1999

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