PROBLEM 3 (10 Points Albie wishes to form a partnership with Skipper. Albie will contribute the following assets: 70,000 Cash Building Original cost. Ace. Deprec. Fair value.... 90,000 60,000 120,000 Land Cost Fair value.. 10,000 50,000 The new partnership will also take over 560,000 of accounts payable from Albie's sole proprietorship Skippee will contribute $50,000 of cash to the partnership. They will share profits and losses equally Instructions: In the space below, prepare the journal entry to record Albie's contribution of assets and liabilities to the partnership. assets and liabilities Cash Building 8120,000 Land 950,000 1$ 70,000 What is Skippee's opening capital balance? $50,006