Susan Kendall and Alex Waites are forming a partnership to develop a theme park near Racer City, Florida. Kendall contributes cash of $$1,750,000$ and land with a current market value of $$12,000,000.$ When Kendall purchased the land in $2013,$ its cost was $$6,000,000.$ The partnership will assume Kendall's $$4,000,000$ note payable on the land. Waites contributes cash of $$3,750,000$ and equipment with a current market value of $$8,250,000.$

Requirements

Journalize the partnership's receipt of assets and liabilities from Kendall 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 Kendall 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 Susan Kendall's investment.

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