Exercise 12-3 (similar to) Question Help Jordan Ceron and Julia Bamber are forming a partnership to develop an amusement park near Moncton. Ceron contributes cash of $1 million and land valued at $40 million. When Ceron purchased the land, its cost was $25 million. The partnership will assume Ceron's $6 million note payable on the land. Bamber invests cash of $13 million and construction equipment that she purchased for $23 million (accumulated amortization to date, $8 million). The equipment's market value is equal to its book value. Required 1. Journalize the partnership's receipt of assets and liabilities from Ceron and Bamber on October 15. Record each asset at its current market value with no entry to accumulated amortization. 2. Compute the partnership's total assets, total liabilities, and total owners' equity immediately after organizing. Requirement 1. Journalize the partnership's receipt of assets and liabilities from Ceron and Bamber on October 15. Record each asset at its current market value with no entry to accumulated amortization. First record the entry for Jordan Ceron's investment. (Record debits first, then credits. Explanations are not required. Enter amounts in millions as presented in the question.) Date Journal Entry Accounts Debit Credit