Steven Kane and Mary Winter are forming a partnership to develop a theme park near Farr City, Florida. Kane contributes cash of $2,250,000 and land with a current market value of $10,500,000. When Kane purchased the land in 2013, its cost was $6,500,000. The partnership will assume Kane's $3,750,000 note payable on the land. Winter contributes cash of $4,250,000 and equipment with a current market value of $6,250,000. Requirements 1. Journalize the partnership's receipt of assets and liabilities from Kane and from Winter. 2. Compute the partnership's total assets, total liabilities, and total partners' equity immediately after organizing. (Record debits first,then credits, Select the explanation on the Requirement 1. Joumalize the partnership's receipt of assets and liabilities from Kane and from Winter. last line of the journal entry table.) First record the entry for Steven Kane's investment Date Accounts and Explanation Debit Credit Now record the entry for Winter's investment