Joe Brown and Chris White are forming a partnership to develop a theme park near Panama City, Florida. Brown invests cash of \(\$ 1\) million and land valued at \(\$ 10\) million. When Brown purchased the land in 2007 , its cost was \(\$ 8\) million. The partnership will assume Brown's \(\$ 3\) million note payable on the land. White invests cash of \(\$ 3\) million and equipment worth \(\$ 7\) million.

1. Journalize the partnership's receipt of assets and liabilities from Brown and from White. 

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