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Yee, Young, and Kong form a partnership. Yee contributes $50,000 cash, Young contributes $10,000 in cash and equipment with and fair value of $32,000 and
Yee, Young, and Kong form a partnership. Yee contributes $50,000 cash, Young contributes $10,000 in cash and equipment with and fair value of $32,000 and Kong contributes cash of $15,000. Prepare the journal entry to record the formation of the partnership.
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