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Journalize the partnerships receipt of assets and liabilitie

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Reference no: EM13527472

Account for partner investments

Susan Knoll and Emerson Wyndon are forming a partnership to develop a theme park near Carlson City, Florida. Knoll invests cash of $3,000,000 and land valued at $11,000,000. When Knoll purchased the land in 2012, its cost was $9,000,000. The partnership will assume Knoll's $4,000,000 note payable on the land. Wyndon invests cash of $5,000,000 and equipment worth $6,000,000.

Requirements

1. Journalize the partnership's receipt of assets and liabilities from Knoll and from Wyndon.

2. Compute the partnership's total assets, total liabilities, and total owners' equity immediately after organizing.

Reference no: EM13527472

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