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Koars and Woyne aie forming a partheship lo develop a mome park near Farr City. Filonda. Kearn corinbuites cosh of S4,000,000 and land with a
Koars and Woyne aie forming a partheship lo develop a mome park near Farr City. Filonda. Kearn corinbuites cosh of S4,000,000 and land with a curront market value of 59,500 , 000. When Keam purchased the land in 2021 , lts cost wan $6,250,000. The patnerthip wil assume Kearris 35,250,000 note payable on the land Wayne cantribules capt of 56,000 , 000 and equipreent whit e current markot value of 53,500,000. Read the iegietsments. Nhiry table, Fistreoord the entry for Koam's investmeene. Requirements 1. Journalize the partnership's receipt of assets and liabilities from Kearn and from Wayne. 2. Compute the partnership's total assets, total liabilities, and total partners' equity immediately after organizing
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