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Make the journal entry to record the investment

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Question 1 - A partner invests into a partnership a building with a $75,000 carrying value and $50,000 fair market value. The related mortgage payable of $15,000 is assumed by the partnership. Make the journal entry to record the investment in partnership?

Question 2 - Partners R and S receive a salary allowance of $13,000 and $27,000, respectively, and share the remainder equally. If the company earned $54,000 during the period, make the entry to close the income or loss into their capital accounts?

Reference no: EM132464090

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