Journalizing Partner's Original Investment

Austin Fisher contributed land, inventory, and $19,000 cash to a partnership. The land had a book value of $78,000 and a market value of $148,000. The inventory had a book value of $75,400 and a market value of $70,100. The partnership also assumed a $56,000 note payable owed by Fisher that was used originally to purchase the land.

Required:

Provide the journal entry for Fisher's contribution to the partnership. If an amount box does not require an entry, leave it blank.

	Cash
	Inventory
	Land
	Notes Payable
	Austin Fisher, Capital