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Journalizing Partner's Original Investment Xi Lin contributed land, inventory, and $33,000 cash to a partnership. The land had a book value of $65,000 and a
Journalizing Partner's Original Investment Xi Lin contributed land, inventory, and $33,000 cash to a partnership. The land had a book value of $65,000 and a market value of $117,000. The inventory had a book value of $51,200 and a market value of $47,600. The partnership also assumed a $47,000 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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