B. Walters, M. Albertson, and R. Mayfield are forming a partnership. Walters is transferring $75,000 of personal cash to the partnership. Albertson owns land worth $25,000 and a small building worth $120,000, which she transfers to the partnership. Mayfield transfers to the partnership cash of $14,000, accounts receivable of $48,000 and equipment worth $28,000. The partnership expects to collect $45,000 of the accounts receivable.

Instructions

(a)Prepare the journal entries to record each of the partners investments.

(b)What amount would be reported as total owners equity immediately after the investments?