The DELS partnership was formed by combining individual accounting practices on May 10, 20X1. The initial investments were as follows: Delaney: Cash Building Mortgage payable, assumed by DELS Engstrom: Cash Office furniture Note payable, assumed by DELS Lahey: Cash Computers and printers Note payable, assumed by DELS Simon: Cash Library (books and periodicals) Current Value $ 8,600 60,500 36,800 9,300 24,100 11,400 13,300 18,700 15, 100 22,800 7,400 Tax Basis $ 8,600 33,800 36,800 9,300 17,900 11,400 13,300 22,500 15, 100 22,800 5,400 Required: a. Prepare the journal entry to record the initial investments using GAAP accounting. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

The DELS partnership was formed by combining individual accounting practices on May 10, 20X1. The initial investments were as follows: Required: a. Prepare the journal entry to record the initial investments using GAAP accounting. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. Prepare the journal entry to record the initial investments using GAAP accounting. (If no entry is required for a transaction/event, select "No journal entry required" in the first account fleld.) Journal entry worksheet Record the initial investments in DELS partnership. Notes Enter debits before credits. b. Calculate the tax basis of each partner's capital if Delaney, Engstrom, Lahey, and Simon agree to assume equal amounts for the payables