Kane and Waites are forming a partnership to develop a theme park near Winn City, Florida. Kane contributes cash of $1,000. assume Kane's $5,250,000 note payable on the land. Waites contributes cash of $3,000,000 and equipment with a current ma Read the requirements. Requirement 1. Journalize the partnership's receipt of assets and liabilities from Kane and from Waites. (Record debits first, First record the entry for Kane's Investment. Date Accounts and Explanation Debit Credit Kane contributes cash of $1,000,000 and land with a current market value of $10,000,000. When Kane purchased the land in 2021, ils cost was $7,000,000. The partnership will and equipment with a current market value of $7,000,000 om Waltes. (Record debits first, than credits. Select the explanation on the last line of the Joomal entry tabla.) dhe X i Requirements 1. Journalize the partnership's receipt of assets and liabilities from Kane and from Waites. 2. Compute the partnership's total assets, total liabilities, and total partners' equity immediately after organizing. Print Done