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Tim Credence and Jim Kulak set up a new limited liability company on July 20, 2020. Tim contributes a machine and land worth a combined

Tim Credence and Jim Kulak set up a new limited liability company on July 20, 2020. Tim contributes a machine and land worth a combined $866,000. Market value of the machine is $348,000. Jim contributes $959,000 in cash. Write the journal entry to record the contributions to the LLC.

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