7. Jamal Collins and Todd Leonard are forming a partnership to develop a golf course. Collins contributes cash of $1,500,000 and land with a current market value of $10,500,000. When Collins purchased the land in 2012, it cost $8,000,000 Leonard contributes cash of $3,400,000 and equipment with a current market value of $500,000 Journalize the partnership's receipt of assets from Collins and Leonard (Record debits first, then credits Select the explanation on the last line of the journal entry table)

Bob is investing in a partnership with Jerry. Bob contributes equipment that originally cost P63,000, has a book value of P30,000, and a fair market value of P39.000. The entry that the partnership makes to record Bob's initial contribution includes a * O debit to Equipment for P33,000. debit to Equipment for P63,000. debit to Equipment for P39,000 credit to Accumulated Depreciation for P33,000.

Scenario Henry, Hunter, and Harry formed a partnership (Widget Unlimited) on January 1, 2020. Henry and Hunter each contributed $200,000 and Harry transferred a building he had purchased two years earlier to the partnership. The building had a tax basis of $150,000 and was appraised at $300,000. The building was also encumbered with a $100,000 mortgage. The partners plan to use the building to manufacture, distribute, and sell green and purple widgets. Harry will work full time operating the business for which he will receive guaranteed payments (not included in expenses) of $5,000 per month. Henry and Hunter will devote less than twelve days a year to the business. At the end of 2020, Widgets Unlimited had made $6,000 in mortgage principal payments. The partnership agreement specifies that Henry, Hunter, and Harry will share in income/loss in the ratio of 3:3:4. For the first year of operation, the partnership records disclose the following information: Sales revenue $820,000 Cost of…

On May 1, 2017, BJ and Paige formed a partnership. Each contributed assets with the following agreed-upon valuations.   BJ  Paige Cash 80,000 20,000 Equipment  50,000 60,000 Building  0 240,000 Loan payable  0 100,000

Andy and lan formed a partnership on April 1, 2017. Andy contributes equipment to the business that originally cost $82,000 and on which accumulated depreciation of $16,000 has ndy contributes been recorded. The current market value of the equipment is $74,000. The value of the equipment recorded in the partnership journal is OA. $74,000 O B. $66,000 O C. $82,000 OD. $58,000

Andy and Amy agree to form a partnership with Andy investing the following: Land (with mortgage note) Cost - P1,500,000 Market Value - P3,500,000 Building Cost - P5,000,000 Market Value - P2,500,000 Accumulated Depreciation Cost - P1,500,000 Amy will invest cash equal to half of Andy's investment. There is a PNB note of P1, 200, 000 which will be assumed by the partnership. Give two journal entries to record the investments of the partner.

Craig Roberts purchased one-half of Ennis Leighton’s interest in the Vale and Leighton partnership for $34,000. Prior to the investment, land was revalued to a market value of $130,000 from a book value of $80,000. Tony Vale and Ennis Leighton share net income equally. Leighton had a capital balance of $36,000 prior to these transactions.a. Provide the journal entry for the revaluation of land.b. Provide the journal entry to admit Roberts.

Sandra and Kelsey are forming a partnership. Sandra will invest a piece of equipment with a book value of $6,200 and a fair market value of $10,000. Kelsey will invest a building with a book value of $32,300 and a fair market value of $60,900. What amount will be recorded to Kelsey's capital account? Oa. $10,000 Ob. $32,300 Oc. $60,900 O d. $6,200

Sandra and Kelsey are forming a partnership. Sandra will invest a piece of equipment with a book value of $5,300 and a fair market value of $12,800. Kelsey will invest a building with a book value of $38,000 and a fair market value of $55,700. What amount will be recorded to Sandra's capital account? a. $38,000 b. $5,300 c. $55,700 D.12.800 d. $12,800

Hi!! Please only choose the correct answer. Thank you.