nan fernando has been operating an apartment-locator service as a proprietorship.

Project Description:

nan fernando has been operating an apartment-locator service as a proprietorship. she and misti morris have decided to forma a partnership. fernando’s investment consists of cash, $1,000; accounts receivable, $12,000; furniture, $15,000; a building, $54,000; and a note payable, $21,000.

to determine fernando’s equity in the partnership, she and morris hire an independent appraiser. the appraiser values all the assets and liabilities at their book value, except the building, which has a current market value of $92,000. also, there are additional accounts payable of $6000 that fernando will contribute. morris will contribute cash equal to fernando’s equity in the partnership.

journalize the entry on the partnership books to record fernando’s investment.

journalize the entry on the partnership books to record morris’s investment.
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Price Type: Negotiable

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