Krechevsky and Weatherby are forming a partnership to develop a theme park. Krechevsky contributes cash of \($3,000,000\) and land with a current fair value of \($11,000,000.\) When Krechevsky purchased the land in 2022, its cost was \($9,000,000.\) The partnership will assume Krechevsky’s \($4,000,000\) notes payable on the land. Weatherby contributes cash of \($5,000,000\) and equipment with a current fair value of \($6,000,000.
Requirements 

1.\) Journalize the partnership’s receipt of assets and liabilities from Krechevsky and from Weatherby.
2. Compute the partnership’s total assets, total liabilities, and total partners’ equity immediately after organizing.