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Richard Simon and Andrea Gonzales are forming a partnership to develop an amusement park near abbotsford Simon contribute cash of 3 million dollars and land valued at 30 million dollars when Simpson purchased a land its coast was 16 million dollars the partnership will assume simson $6 million note payable on land Gonzales invest cash of 50 million dollars and construction equipment that she purchased for 14 million dollars (accumulated, amortization to date ,$6 million) market value is equal to the book value
Required:
Question 1. Journalize the partnership reciept of assets, the liabilities from simson and Gonzales record each assets at current market value with no entry to accumulate amortization
Question 2. Compute the partnership total assets , total liabilities and total owners equity immediately after organizing.
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