Journalizing Partner's Original Investment

Xi Lin contributed land, inventory, and $$33,000$ cash to a partnership. The land had a book value of $$80,000$ and a market value of $$150,000.$ The inventory had a book value of $$56,900$ and a market value of $$52,900.$ The partnership also assumed a $$58,000$ 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.

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Xi Lin, Capital

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