b e Apon Cordo Fair Market Value Carrying Value KATE Cash $ 0 20,000 $10,000 40,000 Kate and Meg form a partnership and invest the following assets and liabilities Assuming that the partners will share income and losses equally prepare the entry to record the formation of the partnership What is entry for Kate Land Contribution? Using this Format Debit Item 1 $xxx Item 2 $xxx MEG Cash Building Mortgage Payable 16,000 100,000 60.000 Q Zoom 16,000 ,000 60,000 Credit Item 1 $XXX Item 2 $XXX