(Record debits first, then credits. Select the explanation on the last line of the journal entry table.)

Kader and Warner are forming a partnership to develop a theme park near Farr City, Florida. Kader contributes cash of $2,000,000 and land with a current market value of 59,750,000. When Kader purchased the land in 2021, its cost was $7,000,000. The partnership will assume Kader's $4,000,000 note payable on the land. Warner contributes cash of $4,000,000 and equipment with a current market value of $5,750,000. Read the requirements. ... Requirement 1. Journalize the partnership's receipt of assets and liabilities from Kader and from Warner. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) First record the entry for Kader's investment. Date Accounts and Explanation Debit Credit Cash Land Equipment Note Payable