1. Accounting for partner contributions Billy Bob and Junior want to develop a water park in Colorado. On Sept 20, 2021 Billy Bob contributes $2,000,000 cash and land with a current market value of $7,500,000. When Billy Bob purchased the land it cost $5,500,000. The partnership will also take over a Billy Bob's $3,000,000 note payable on the land. Junior contributes $2,000,000 cash and equipment with a current market value of $4,000,000. a) Journalize the partnership's receipt of assets and liabilities from Billy Bob and Junior. Date Accounts and Explanations Debit Credit b) Compute the partnership's total assets, total liabilities, and equity immediately after organizing. Use cell references. Total Assets Total Liabilities Total Equity Kat 5,000 Accounts and Explanation 231.000 Owl