Austin Fisher contributed land, inventory, and $31,000 cash to a partnership. The land had a book value of $71,000 and a market value of $128,000. The inventory had a book value of $72,400 and a market value of $67,300. The partnership also assumed a $51,000 note payable owed by Fisher that was used originally to purchase the land. Required: Provide the journal entry for Fisher's contribution to the partnership.
Austin Fisher contributed land, inventory, and $31,000 cash to a partnership. The land had a book value of $71,000 and a market value of $128,000. The inventory had a book value of $72,400 and a market value of $67,300. The partnership also assumed a $51,000 note payable owed by Fisher that was used originally to purchase the land. Required: Provide the journal entry for Fisher's contribution to the partnership.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Austin Fisher contributed land, inventory, and $31,000 cash to a
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Provide the
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| fill in the blank 11 | fill in the blank 12 | ||
| fill in the blank 14 | fill in the blank 15 |
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