Shawna Kearn and Alex Waites are forming a partnership to develop a theme park near Bay City, Florida. Kearn contributes cash of $$1,750,000$ and land with a current market value of $$10,500,000.$ When Kearn purchased the land in $2013,$ its cost was $$8,000,000.$ The partnership will assume Kearn's $$3,000,000$ note payable on the land. Waites contributes cash of $$3,750,000$ and equipment with a current market value of $$6,750,000.$

Requirements

Journalize the partnership's receipt of assets and liabilities from Kearn and from Waites.

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 Kearn and from Waites. $($Record debits first, then credits. Select the explanation on the last line of the journal entry table.$)$

First record the entry for Shawna Kearn's investment.

$\backslash$table$[[$Date$,$Accounts and Explanation,Debit,Credit$],[,$Cash,$1,750,000,],[,1,10,500,000,],[,$Accounts Payable,,$],[,$Kearn, Capital,,$]]$