Torres, Reyes and Santos formed a partnership and invested the following assets and liabilities on July...

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Torres, Reyes and Santos formed a partnership and invested the following assets and liabilities on July 1, 2021: Fair Market Value Carrying Value Torres: Cash Land Reyes: Santos: 300,000 1,000,000 Cash Building Mortgage Payable (200,000) Inventory Delivery vehicle 100,000 2,000,000 550,000 200.000 300,000 2,000,000 100,000 1,800,000 (200,000) 600,000 150,000 Questions: 61. How much would be the capital of Torres upon formation of the partnership? 62. How much would be the capital of Reyes upon formation of the partnership? 63. How much would be the capital of Santos upon formation of the partnership? 64. How much would be the total cash on July 1, 2021 after recording all the contributions of the partners? 65. At what amount would the Land account appear in the partnership books on July 1, 2021? 66. At what amount would the Building account appear in the partnership books on July 1, 2021? 67.At what amount would the Inventory account appear in the partnership books on July 1, 2021? 68. At what amount would the Delivery Vehicle account appear in the partnership books on July 1, 2021? Torres, Reyes and Santos formed a partnership and invested the following assets and liabilities on July 1, 2021: Fair Market Value Carrying Value Torres: Cash Land Reyes: Santos: 300,000 1,000,000 Cash Building Mortgage Payable (200,000) Inventory Delivery vehicle 100,000 2,000,000 550,000 200.000 300,000 2,000,000 100,000 1,800,000 (200,000) 600,000 150,000 Questions: 61. How much would be the capital of Torres upon formation of the partnership? 62. How much would be the capital of Reyes upon formation of the partnership? 63. How much would be the capital of Santos upon formation of the partnership? 64. How much would be the total cash on July 1, 2021 after recording all the contributions of the partners? 65. At what amount would the Land account appear in the partnership books on July 1, 2021? 66. At what amount would the Building account appear in the partnership books on July 1, 2021? 67.At what amount would the Inventory account appear in the partnership books on July 1, 2021? 68. At what amount would the Delivery Vehicle account appear in the partnership books on July 1, 2021?

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Answer Capital of Torres The capital of Torres upon formation of the partnership would be the fair m... View the full answer