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$35,000 cash to a partnership. The land had a book value of $79,000 and a market value of $152,000. The inventory had a book value of $53,100 and a market value of $48,900. The partnership also assumed a $57,000 note payable owed by Lin that was used originally to purchase the land. Required: Provide the journal entry for Lin's contribution to the partnership. If an amount box does not require an entry, leave it blank. Cash 35.000 ✓ V Inventory Land✔ Notes Payable X Lin, Capital Feedback V ✓ 53,100 X 152.000 ✔ 48.900 X 79,000 X $7,000 Check My Work Record the assets at their current values, and record the liability at its current value. Lin's Capital account will be the balancing item for the entry.

$35,000 cash to a partnership. The land had a book value of $79,000 and a market value of $152,000. The inventory had a book value of $53,100 and a market value of $48,900. The partnership also assumed a $57,000 note payable owed by Lin that was used originally to purchase the land. Required: Provide the journal entry for Lin's contribution to the partnership. If an amount box does not require an entry, leave it blank. Cash 35.000 ✓ V Inventory Land✔ Notes Payable X Lin, Capital Feedback V ✓ 53,100 X 152.000 ✔ 48.900 X 79,000 X $7,000 Check My Work Record the assets at their current values, and record the liability at its current value. Lin's Capital account will be the balancing item for the entry.

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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OW21 Onlin teachin x N2 | Online teaching esource from Cengag... w.com eBook Cash Inventory Land Notes Payable tMain.do?invoker=&takeAssignmentSession Locator=&inprogress=false V Xi Lin, Capital Feedback ps Panthère de Cartier... ✓ Show Me How Journalizing Partner's Original Investment assumed a $57,000 note payable owed by Lin that was used originally to purchase the land. Xi Lin contributed land, inventory, and $35,000 cash to a partnership. The land had a book value of $79,000 and a market value of $152,000. The inventory had a book value of $53,100 and a market value of $48,900. The partnership also Required: Provide the journal entry for Lin's contribution to the partnership. If an amount box does not require an entry, leave it blank. 35,000 53,100 X 152,000 48,900 X 79,000 X 57,000 Pink Playful Femini... Check My Work 5 more Check My Work uses remaining. & MX Check My Work Record the assets at their current values, and record the liability at its current value. Lin's Capital account will be the balancing item for the entry. Print Item YEW DELL T 4 4 Email Instructor Save and Exit G GR 68°F Clear Next Submit Assignment for Grading 9:41 PM 8/31/2023 1 D www Other bookmarks CHIPS ~100% WHOLEGRAIN~ LS3
Transcribed Image Text:OW21 Onlin teachin x N2 | Online teaching esource from Cengag... w.com eBook Cash Inventory Land Notes Payable tMain.do?invoker=&takeAssignmentSession Locator=&inprogress=false V Xi Lin, Capital Feedback ps Panthère de Cartier... ✓ Show Me How Journalizing Partner's Original Investment assumed a $57,000 note payable owed by Lin that was used originally to purchase the land. Xi Lin contributed land, inventory, and $35,000 cash to a partnership. The land had a book value of $79,000 and a market value of $152,000. The inventory had a book value of $53,100 and a market value of $48,900. The partnership also Required: Provide the journal entry for Lin's contribution to the partnership. If an amount box does not require an entry, leave it blank. 35,000 53,100 X 152,000 48,900 X 79,000 X 57,000 Pink Playful Femini... Check My Work 5 more Check My Work uses remaining. & MX Check My Work Record the assets at their current values, and record the liability at its current value. Lin's Capital account will be the balancing item for the entry. Print Item YEW DELL T 4 4 Email Instructor Save and Exit G GR 68°F Clear Next Submit Assignment for Grading 9:41 PM 8/31/2023 1 D www Other bookmarks CHIPS ~100% WHOLEGRAIN~ LS3
Expert Solution
Step 1: Introduce Admission of Partner

ADMISSION OF PARTNER

Partners of a continuing business may, by common consent, decide to admit a new partner for additional capital, technical skill or managerial efficiency.

Adjustment required while new Partners are admit :— 

Adjustment regarding Profit Sharing Ratio
Adjustment Regarding Goodwill
Adjustment regarding Capital Contribution of New partner and Capitals of existing partners.

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