Sable Kurt and Susan Watson are forming a partnership to develop a theme park near Winn City, Florida. Kurt contributes cash of $$2,250,000$ and land with a current market value of $$9,750,000.$ When Kurt purchased the land in $2013,$ its cost was $$6,250,000.$ The partnership will assume Kurt's $$3,750,000$ note payable on the land. Watson contributes cash of $$4,250,000$ and equipment with a current market value of $$5,500,000.$

Requirements

Journalize the partnership's receipt of assets and liabilities from Kurt and from Watson.

Compute the partnership's total assets, total liabilities, and total partners' equity immediately after organizing.