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 Knollâ€™s $4,000,000 note payable on the land. Wyndon invests cash of $5,000,000 and equipment worth $6,000,000.
1. Journalize the partnershipâ€™s receipt of assets and liabilities from Knoll and from Wyndon.
2. Compute the partnershipâ€™s total assets, total liabilities, and total ownersâ€™ equity immediately after organizing.