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How do journalize the formation of this partnership

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Reference no: EM132695066

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: How do Journalize the formation of this partnership.

Reference no: EM132695066

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