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Prepare journal entry to record partner original investment

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Reference no: EM132526138

B. Zlonh and T. Short decide to form a partnership on October 1, 2017. Zlonh invests land with a fair value of $126,000 but it has a mortgage of $48,000. Short invests $58,000 cash.

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Question 1: Prepare the journal entries(2) to record the partners' original investment.

Reference no: EM132526138

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