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On April 1, 20Y1, Whitney Lang and Eli Capri form a partnership. Lang agrees to invest $11,300 cash and merchandise inventory valued at $30,500. Capri
On April 1, 20Y1, Whitney Lang and Eli Capri form a partnership. Lang agrees to invest $11,300 cash and merchandise inventory valued at $30,500. Capri invests certain business assets at valuations agreed upon, transfers business liabilities, and contributes sufficient cash to bring his total capital to $76,000. Details regarding the book values of the business assets and liabilities, and the agreed valuations.
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