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On August 1, Zee and Ed decided to form a partnership. Zee invested $60,000 cash. Ed invested cash of $55,000 and land valued at $400,000.

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On August 1, Zee and Ed decided to form a partnership. Zee invested $60,000 cash. Ed invested cash of $55,000 and land valued at $400,000. Also, the partnership assumed responsibility for a $250,000 note associated with the land. Required: Prepare the journal entry to record the formation of the partnership

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