Account for partner investments Susan Knoll and Emerson Wyndon are forming a partnership to develop

Account for partner investments

Susan Knoll and Emerson Wyndon are forming a partnership to develop a theme park near Carlson City, Florida. Knoll invests cash of $3,000,000 and land valued at $11,000,000. When Knoll purchased the land in 2012, its cost was $9,000,000. The partnership will assume Knoll’s $4,000,000 note payable on the land. Wyndon invests cash of $5,000,000 and equipment worth $6,000,000.

Requirements

1. Journalize the partnership’s receipt of assets and liabilities from Knoll and from Wyndon.

2. Compute the partnership’s total assets, total liabilities, and total owners’ equity immediately after organizing.

 

Looking for a Similar Assignment? Hire our Top Uk Tutors while you enjoy your free time! All papers are written from scratch and are 100% Original. Try us today! Active Discount Code FREE15