Prepare journal entry to record loqueloque investment

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Question - Leopoldo medina contributed land, inventory, and p280,000 cash to partnership. The land has a book value of p650,000 and a market value of p1,350,000. The inventory has a book value of p600,000 and a market value of p510,000. The partnership also assumed a p350,000 note payable owed by medina that was used to purchase the land. Lenore loqueloque agreed to put up cash equivalent to medina's net investment. Prepare journal entry to record medina and loqueloque investment in the partnership.

Reference no: EM132838491

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