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Prepare the journal entries needed to record investments

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Reference no: EM13334807

Partner investments; journal entries. The LP partnership was formed on January 1, 19X7, by investments from Bill Levy and Marv Parcells. Levy contributed $30,000 cash and $80,000 of land. Parcells contributed cash of $50,000 and equipment with a value of $20,000.

Prepare the journal entries needed to record the investments of Levy and Parcells.

Reference no: EM13334807

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