X; Yand C formed a partnership on January 1, 2023. The fair value of the net assets invested by each partner as follow: X: $500,000 Cash and Land $...... Y: $200,000 Cash and Account receivables $....... C: $50,000 Cash; Building $30,000 and Liability $........ The ending capital balance after the equally distributing of the net income which was $300,000 and drawing $ 20,000; $10,000 and $60,000 respectively to X; Y and C is: X: $630,000 Y: $380,000 C: $110,000 Instruction: Prepare journal entries to: (1) Record the initial investment in the partnership i need that answers in steps and with journal entries

X; Yand C formed a partnership on January 1, 2023. The fair value of the net assets invested by each partner as follow: X: $500,000 Cash and Land $...... Y: $200,000 Cash and Account receivables $....... C: $50,000 Cash; Building $30,000 and Liability $........ The ending capital balance after the equally distributing of the net income which was $300,000 and drawing $ 20,000; $10,000 and $60,000 respectively to X; Y and C is: X: $630,000 Y: $380,000 C: $110,000 Instruction: Prepare journal entries to: (1) Record the initial investment in the partnership i need that answers in steps and with journal entries

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter14: Partnerships And Limited Liability Entities

Section: Chapter Questions

Problem 2BD

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