Kobe and White are forming a partnership to develop a theme park near Post City, Florida. Kobe contributes cash of $1,000,000 and land with a current market value of $10,000,000. When Kobe purchased the land in 2015, its cost was $9,500,000. The partnership will assume Kobe's $4,250,000 note payable on the land White contributes cash of $3,000,000 and equipment with a current market value of $7,000,000. Read the requirements. Requirement 1. Journalize the partnership's receipt of assets and liabilities from Kobe and from White. (Record debits first, then credits Select the explanation on the last line of the journal entry table.) First record the entry for Kobe's investment. Date Accounts and Explanation Debit Credit Now record the entry for White's investment Date Credit Debit Accounts and Explanation Choose from any list or enter any number in the input fields and then continue to the next question. lities from Kobe and from White (Record dahits first then credits Select the explanation on the las Requirements 1. Journalize the partnership's receipt of assets and liabilities from Kobe and from White. 2. Compute the partnership's total assets, total liabilities, and total partners' eqlity immediately after organizing. Dane Debit Credit en continue to the next question PL record the entry for White's investment. ate Accounts and Explanation Accounts Payable Cash Equipment Kobe. Capital uiremel Kobe. Withdrawals Land Note Payable ose fror White, Capital White. Withdrawals lities, nd th 25 mel Partner withdrawals of cash. To record Kobe's contribution. To record White's contribution To record withdrawal of Kobe from the partnership To record withdrawal of White from the partnership To transfer Kobe's capital to White. fror Compute the partnership's total assets, total liabilities, and total partners' equity immediately after organiz Kobe and White Balance Sheet January 1, 2017 Assets Liabilities Note Payable Partners' Equity Kobe Capital White Capital Total Partners' Equity Total Liabilities and Partners' Equity list or enter any number in the input fields and then continue to the next