. total partnership assets after its formation

determine the total partnership liabilities after its formation

determine the total partnership capital after its formation

21

D Question 21 Two sole proprietors, Land M agreed to form a partnership on January 1, 2021. The trial balance for each proprietor is shown below as of January 1, 2021: Cash Accounts receivable Merchandise Inventory Building Furniture and Fixtures Accounts Payable Mortgage Payable L, Capital M, Capital M Book Value Fair Value Book Value Fair Value 40,000 40,000 30,000 30,000 60,000 52,000 70,000 56,000 100,000 94,000 100,000 114,000 280,000 320,000 250,000 280,000 60,000 64,000 40,000 44,000 110,000 110,000 80,000 80,000 200,000 200,000 150,000 150,000 230,000 260,000 Determine the total partnership assets after its formation