Kendall and Woods are forming a partnership to develop a theme park near Fair City, Florida. Kendall contributes cash of $2,000,000 and land with a current market value of $11,500,000. When Kendall purchased the land in 2021, its cost was $7,500,000. The partnership will assume Kendall's $3,750,000 note payable on the land. Woods contributes cash of $4,000,000 and equipment with a current market value of $7,500,000. Read the requirements. Requirement 1. Journalize the partnership's receipt of assets and liabilities from Kendall and from Woods. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) First record the entry for Kendall's investment. Date Accounts and Explanation Debit Credit - X Requirements 1. Journalize the partnership's receipt of assets and liabilities from Kendall and from Woods. 2. Compute the partnership's total assets, total liabilities, and total partners' equity immediately after organizing Now record the entry for Woods' investment. Date Accounts and Explanation Debit Credit Print Done Requirement 2. Compute the partnership's total assets, total liabilities, and total partners' equity immediately after organizing. Kendall and Woods Balance Sheet January 1, 201X Assets Liabilities Cash Note Payable Land Partners' Equity Equipment Kendall, Capital Woods, Capital Total Partners' Equity Total Assets Total Liabilities and Partners' Equity