Stevie Lewis and Mack Young are forming a partnership to develop a golf course. Lewis contributes cash of $$1,000,000$ and land with a current market value of $$10,000,000.$ When Lewis purchased the land in $2012,$ it cost $$7,000,000.$ Young contributes cash of $$3,000,000$ and equipment with a current market value of $$800,000.$ Journalize the partnership's receipt of assets from Lewis and Young. $($Record debits first, then credits. Select the explanation on the last line of the journal entry table.$)$

Start by journalizing the partnership's receipt of assets from Lewis.

Date $1$ Accounts and Explanatiort

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