Sophie Klecan and Kelly Wayne are forming a partnership to develop a theme park near Carter City, Florida. Klecan contributes cash of $3,250,000 and land with a current market value of $10,000,000. When Klecan purchased the land in 2013, its cost was $7,500,000. The partnership will assume Klecan's $4,250,000 note payable on the land. Wayne contributes cash of $5,250,000 and equipment with a current market value of $4,750,000. Requirements 1. Journalize the partnership's receipt of assets and liabilities from Klecan and from Wayne. 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 Klecan and from Wayne. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) First record the entry for Sophie Klecan's investment. Date Land Accounts and Explanation Cash Note Payable Klecan, Capital To record Klecan's contribution. Debit Credit 10000000 3250000 4250000 C