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Prepare the journal entry for February

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Question - On February 1, 2014, George, Hamm, and Ishmael began a partnership in which George and Ishmael each contributed cash of $25,000; and Hamm contributed property with a fair value of $50,000 and a tax basis $40,000. George and Ishmael receive salaries of $10,000 each. The partnership agreement of George, Hamm, and Ishmael provides that profits and losses of the remaining income be distributed to George, Hamm, and Ishmael by a 1:3:1 ratio. Prepare the journal entry for February 1, 2014 for the partners' equity investment.

Reference no: EM132513463

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