Part 1 of 3\ Points: 0 of 1\ Keam and Watson are forming a partnership to develop a theme park near Carlson City, Florida. Kearn contributes cash of

$4,000,000

and land with a current market value of

$12,500,000

. When Kearn purchased the land in 2021 , its cost was

$6,000,000

. The partnership will assume Kearn's

$4,250,000

note payable on the land. Watson contributes cash of

$6,000,000

and equipment with a current market value of

$6,500,000

.\ Read the requirements.\ Requirement 1. Journalize the partnership's receipt of assets and liabilities from Kearn and from Watson. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)\ First record the entry for Kearn's investment.\ \\\\table[[Date,Accounts and Explanation,Debit,Credit],[,+,,],[,,,],[,,,],[,,,],[,,,]]