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PROBLEM 1 On April 1, 2019, Odette and Lance formed a partnership with each contributing the following assets: OdetteLance Cash120,00080,000 Machinery and equipment100,000300,000 Building900,000 Furniture

PROBLEM 1On April 1, 2019, Odette and Lance formed a partnership with each contributing the following assets:

OdetteLance

Cash120,00080,000

Machinery and equipment100,000300,000

Building900,000

Furniture and fixtures40,000

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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