Xi Lin contributed land, inventory, and $21,000 cash to a partnership. The land had a book value of $70,000 and a market value of $125,000. The inventory had a book value of $60,600 and a market value of $55,800. The partnership also assumed a $50,000 note payable owed by Lin that was used originally to purchase the land.

Required:

Provide the journal entry for Lin's contribution to the partnership. If an amount box does not require an entry, leave it blank.

blankAccounts PayableCashNotes PayableXi Lin, CapitalXi Lin, Drawing- Select -- Select - Accounts PayableInventoryNotes PayableXi Lin, CapitalXi Lin, Drawing- Select -- Select - Accounts PayableLandNotes PayableXi Lin, CapitalXi Lin, Drawing- Select -- Select - Accounts ReceivableCashLandNotes PayableXi Lin, Drawing- Select -- Select - Accounts PayableCashLandXi Lin, CapitalXi Lin, Drawing- Select -- Select