Xi Lin contributed land, inventory, and $38,600 cash to a partnership. The land had a book value
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Xi Lin contributed land, inventory, and $38,600 cash to a partnership. The land had a book value of $128,500 and a market value of $187,400. The inventory had a book value of $53,500 and a market value of $45,100. The partnership also assumed a $37,600 note payable owed by Lin that was used originally to purchase the land. Provide the journal entry for Lin's contribution to the partnership.
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Related Book For
Accounting
ISBN: 9781337902687
28th Edition
Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider
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