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Journalizing Partner's Original Investment Xi Lin contributed land, inventory, and $22,000 cash to a partnership. The land had a book value of $63,000 and a
Journalizing Partner's Original Investment Xi Lin contributed land, inventory, and $22,000 cash to a partnership. The land had a book value of $63,000 and a market value of $117,000. The inventory had a book value of $56,700 and a market value of $52,700. The partnership also assumed a $45,000 note payable owed by Lin that was used originally to purchase the land. Required: Provide the journal entry for Lin's contribution to the partnership. If an amount box does not require an entry, leave it blank. Cash 22,000 Inventory 63,000 Notes Payable 45,000 Xi Lin, Drawing Xi Lin, Drawing
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