Question

Hanna Hark and Jamie Rice are watch repairmen who want to form a partnership and open a jewelry store. An attorney prepares their partnership agreement, which indicates that assets invested in the partnership will be recorded at their fair market value and that liabilities will be assumed at book value.
The assets contributed by each partner and the liabilities assumed by the partnership follow.


Prepare the journal entries necessary to record the original investments of Hark and Rice in thepartnership.


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  • CreatedMarch 26, 2014
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