Journalizing Partner's Original InvestmentXi Lin contributed land, inventory, and $22,000 cash to a partnership. The land had a book value of $66,000 and a market value of $121,000. The inventory had a bookvalue of $79,300 and a market value of $73,700. The partnership also assumed a $48,000 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.

Journal entries help to manage the books of account in a systematic manner. Each transaction that…

Answered: Required: Provide the journal entry for…

Required: Provide the journal entry for Lin's contribution to the partnership. If an amount box does not require an entry, leave it blank.

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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Question

Journalizing Partner's Original Investment
Xi Lin contributed land, inventory, and $22,000 cash to a partnership. The land had a book value of $66,000 and a market value of $121,000. The inventory had a book
value of $79,300 and a market value of $73,700. The partnership also assumed a $48,000 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.

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