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Prepare the journal entries to record each of the partners

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Problem - K. Decker, S. Rosen, and E. Toso are forming a partnership. Decker is investing $61,000 of personal cash to the partnership. Rosen owns land with a fair value of $18,300 and a small building with a fair value of $97,600, which she transfers to the partnership. Toso transfers to the partnership cash of $10,980, accounts receivable of $39,040, and equipment with a fair value of $47,580. The partnership expects to collect $35,380 of the accounts receivable. Prepare the journal entries to record each of the partners' investments.

Reference no: EM132967646

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