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Prepare the journal entries for the formation of partnership

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Reference no: EM132944042

Question - On January 1, 2021, Colby, Smith and Nagel formed a partnership. Colby contributes $40,000 cash, Smith contributes a small building with a fair market value of $20,000 and Nagel contributed a parcel of land valued at $20,000. When they signed their partnership agreement, they decided to share profit and losses based on a ratio of 2:1:1. On September 4, 2021, Nagel decides to leave the partnership and agrees to accepts $26,000 for her share of the partnership. 

Required - Prepare the journal entries for the formation of partnership on January 1, 2021 and the Nagel's withdrawal on September 4, 2021. You may omit explanations but include all calculations.

Reference no: EM132944042

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