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Prepare journal entries to record the original investments

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Question - Mary and Barry decide to form a partnership on August 1. Mary invests the following assets and liabilities in the new partnership:

Market Value

Land $400,000

Building $150,000

Note payable $375,000

The note payable is associated with the building and the partnership will assume responsibility for the loan. Barry invested $180,000 in cash and $125,000 in equipment in the new partnership. Prepare the journal entries to record the two partners' original investments in the new partnership.

Reference no: EM132222068

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