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Find and journalize the formation of the partnership

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J. Gould and N. Abasi are forming a partnership on May 1. J. Gould brings with her $9500 cash and an automobile that was purchased for $30,000. Accumulated amortization on the automobile is $9000.

N. Abasi brings with him $6000 cash, and land with a fair market value of $60,000. The partners agree that the fair market value of the automobile is $21500.

Problem 1: Journalize the formation of this partnership.

Reference no: EM132724732

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