Sable Kurt and Todd White are forming a partnership to develop a theme park near Bay City, Florida. Kurt contributes cash of $4,000,000 and land with a current market value of $13,500,000 When Kurt purchased the land in 2013, its cost was $7,500,000. The partnership will assume Kurt's $4,750,000 note payable on the land. White contributes cash of $6,000,000 and equipment with a current market value of $7,500,000 Requirements 1. Journalize the partnership's receipt of assets and liabilities from Kurt and from White 2. Compute the partnership's total assets, total liabilities, and total partners' equity immediately after organizing Requirement 1. Journalize the partnership's receipt of assets and liabilities from Kurt and from White (Record debits first, then credits. Select the explanation on the last line of the journal entry table