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J. Gould and N. Abasi are forming a partnership on May 1.J. Gould brings with her $10700 cash and an automobile that was purchased for

J. Gould and N. Abasi are forming a partnership on May 1.J. Gould brings with her $10700 cash and an automobile that was purchased for $30,000.Accumulated amortization on the automobile is $9000.

N. Abasi brings with him $4800 cash, and land with a fair market value of $60,000.

The partners agree that the fair market value of the automobile is $21000.

Journalize the formation of this partnership.

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