7. Homer Davis and Sal Macey are forming a partnership to develop a golf course. Davis contributes cash of $1,300,000 and land with a current market value of $9,800,000. When Davis purchased the land in 2012, it cost $7,800,000. Macey contributes cash of $2,800,000 and equipment with a current market value of $750,000. Journalize the partnership's receipt of assets from Davis and Macey. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Start by journalizing the partnership's receipt of assets from Davis. Date Accounts and Explanation Debit Credit Now journalize the partnership's receipt of assets from Macey Date Accounts and Explanation Debit Credit bacco 11:39 explanation on the last line of the journal entry table.) Start by journalizing the partnership's receipt of assets from Davis. Date Accounts and Explanation Debit Credit Accounts Payable Cash Equipment Land Now journali Davis, Capital Date Davis, Withdrawals Macey, Capital Macey, Withdrawals Debit Credit Choose from any list or enter any number in the input fields and then continue to the next