formation

On July 1, 2019, Julio and Julia established the JUJLI Company, a general partnership. On that day, they invested the following assets. Julio: Office Equipment Historical Cost 100,000 Fair Value 90,000 Building Historical Cost 2,200,000. BlR's zonal Value T00,000. Value per Tax Declaration, 1,000,000 Land Historical Cost 100,000 BlR's Zonal Value 400,000 Value per Tax Declaration 650,000 Julia: Store Equipment Newly acquired for 90,000 Supplies Newly acquired for 30,000 Furniture - Historical Cost 150,000 Fair Value 140,000 \"the land was appraised at 1,000,000 with a mortgage outstanding balance to a bank amounting to 200,000, while the building was appraised at 1,500,000 with a mortgage outstanding balance of 100,000. Required: Prepare the relevant journal entn' to be recorded on the partnership accounting books on the date of its formation according to the following separate cases. Case 1: The partners agreed that Julia will contribute additional cash to make her capital credit be equal to 30% of the total capital upon formation. Case 2: The partners simply agreed that Julia will have a capital credit equal to 30% of the total capital u pon formation. Case 3: No further agreement made by the partner