Question
On April 1, 2021, Odette and Lance formed a partnership with each contributing the following assets: Odette Lance Cash 120,000 80,000 Machinery and equipment 100,000
On April 1, 2021, Odette and Lance formed a partnership with each contributing the following assets:
Odette Lance
Cash 120,000 80,000 Machinery and equipment 100,000 300,000 Building 900,000 Furniture and fixtures 40,000
The building is subject to a mortgage loan of 320,000, which is to be assumed by the partnership.
Required: Prepare the journal entries for the investment of partners.
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Currency Internationalization Global Experiences And Implications For The Renminbi
Authors: Wensheng Peng, Chang Shu
2nd Edition
0230580491, 9780230580497
