Keam and Waites are forming a partnership to develop a theme park near Post Cly, Florida. Kearn contributes cash of $2,750,000 and land weh a current makket value of $11,500,000. When Keam purchased the land in 2021 , its cost was $6,250,000. The partrership will assume Keam's $3,000,000 note payable on the land. Wates contrbutes cash of $4,750,000 and equipment with a current market value of \$5,750,000. Fiest the Requirement 1. Journalize the partnership's receipt of assets and labiatos from Keam and from Wates. (Record debits first, then credits. Select the explanasion on the last line of the journal entry table.) First tecord the entry for Kearn's investment. Now record the entry tor Waines' invectment. equirement 2. Compute the partnership's total assets, total liabilities, and total partners' equity immediately after