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nep Nancy Fak has been operating an apartment locator service as a sole proprietorship She and Melissa Magnus have decided to form a partnership Folk's

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nep Nancy Fak has been operating an apartment locator service as a sole proprietorship She and Melissa Magnus have decided to form a partnership Folk's contribution consists of Cash 35,000, Accounts Receivable, 514.000, Furniture, 518,000 Building (net). 552,000, and Notes Payable 515,000 To determine Fak's equity in the partnership, she and Magnus hire an independent appraiser. The appraise values all the assets and liabilities at their book valor, except the building, which has a current market value of 593.000 Also, there are additional Accounts Payable of $6.000 that Falk will contribute Magnus will contribute cash equal to Fall's equity in the partnership Read the requirements Requirement 1. Journalize the entry on the partnership books to record Falk's contribution (Pecord debit Tirst, then credits Select the explanation on the last line of the journal entry table) Date Accounts and Explanation Debit Credit Choose from any list of enter any number in the input helds and then click Check Answer parl remaining Clea Final Check i Requirements 1. Journalize the entry on the partnership books to record Falk's contribution. 2. Journalize the entry on the partnership books to record Magnus's contribution. Print Done

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