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K. Decker, S. Rosen, and E. Toso are forming a partnership. Decker is transferring $50,250of personal cash to the partnership. Rosen owns land worth $19,320and
K. Decker, S. Rosen, and E. Toso are forming a partnership. Decker is transferring $50,250of personal cash to the partnership. Rosen owns land worth $19,320and a small building worth $83,220, which she transfers to the partnership. Toso transfers to the partnership cash of $11,030, accounts receivable of $32,540and equipment worth $15,010. The partnership expects to collect $29,286of the accounts receivable.
Prepare the journal entries to record each of the partners' investments.
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