Kurt and Wyatt are forming a partnership to develop a theme park near Carlson City, Florida. Kurt contributes cash of $3,000,000 and land with a current market value of $10,500,000. When Kurt purchased the land in 2015, its cost was $5,500,000. The partnership will assume Kurt's $3,500,000 note payable on the land. Wyatt contributes cash of $5,000,000 and equipment with a current market value of $5,500,000.
Requirements
1. Journalize the partnership's receipt of assets and liabilities from Kurt and from Wyatt.
2. Compute the partnership's total assets, total liabilities, and total partners' equity immediately after organizing?