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What is the capital of collins

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Reference no: EM132560205

Collins and Farina are forming a partnership. Collins is investing a building that has a market value of $80,000. However, the building carries a $56,000 mortgage that will be assumed by the partnership. Farina is investing $20,000 cash.

Question 1: What is the capital of Collins?

Question 2: what is the Journal entry to record this transaction?

Reference no: EM132560205

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