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Calaguas and Dela Cruz formed a partnership and invested the following assets and liabilities: Calaguas: Fair Market Value Carrying Value Cash 300,000 300,000 Land 450,000 280,000 Dela Cruz:     Cash 100,000 100,000 Building 600,000 520,000 Mortgage Payable 400,000 400,000   What is the opening journal entry in the books of the partnership?

Calaguas and Dela Cruz formed a partnership and invested the following assets and liabilities: Calaguas: Fair Market Value Carrying Value Cash 300,000 300,000 Land 450,000 280,000 Dela Cruz:     Cash 100,000 100,000 Building 600,000 520,000 Mortgage Payable 400,000 400,000   What is the opening journal entry in the books of the partnership?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Two Sole Proprietors Form a Partnership

 

Calaguas and Dela Cruz formed a partnership and invested the following assets and liabilities:

Calaguas: Fair Market Value Carrying Value
Cash 300,000 300,000
Land 450,000 280,000
Dela Cruz:    
Cash 100,000 100,000
Building 600,000 520,000
Mortgage Payable 400,000 400,000

 

What is the opening journal entry in the books of the partnership?

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