Reference no: EM132484020
Jack and Will decide to form the JW Partnership. On January 1, 2018, they combine their assets with the following current market values and book values:
Jack's assets Will's assets
Book Market Book Market
value value value value
Cash $100,000 $100,000 $95,000 $95,000
Net accounts
receivable 39,000 37,000 28,000 23,000
Inventory 60,000 75,000 55,000 72,000
Land 50,000 80,000 75,000 90,000
Buildings 80,000 70,000 90,000 75,000
Accumulated
amortization 25,000 ---- 30,000 ----
Accounts payable 18,000 18,000 25,000 25,000
Question 1: How do journalize the entries on January 1, 2018, to record the partners' initial investments?
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: How do journalize the entries on January 1, 2018, to record the partners' initial investments? Jack and Will decide to form the JW Partnership.
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