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)

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

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.

Please help me

Able and Baker have agreed to form a partnership. Both of them already had proprietorships, and those assets were going to be combined to form the partnership. The fair value of Able and Baker’s assets and liabilities are listed below.   Able’s Contribution Baker’s Contribution Cash $  5,000   $20,000 Inventory 5,000 40,000 Land 50,000   Building 30,000   Equipment 10,000 20,000 Liabilities assumed (10,000) ______ Net assets contributed $90,000 $80,000   Assuming that Able and Baker have agreed to have equal equity balances, prepare the journal entry to record the partnership using The bonus method                                                     2. The goodwill method

Anthony is investing in a partnership with Joseph. Anthony contributes equipment that originally cost $43000, has a book value of $20900, and a fair value of $25400. The entry that the partnership makes to record Anthony's initial contribution includes a O debit to Equipment for $22100. ○ credit to Accumulated Depreciation for $22100. O debit to Equipment for $43000. O debit to Equipment for $25400.

kindly answer the no. 3 thnk you