Kevin LaRoche contributed land, inventory, and $28,000 cash to a partnership. The land had a book value
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Kevin LaRoche contributed land, inventory, and $28,000 cash to a partnership. The land had a book value of $65,000 and a market value of $135,000. The inventory had a book value of $60,000 and a market value of $51,000. The partnership also assumed a $50,000 note payable owed by LaRoche that was used originally to purchase the land.
Provide the journal entry for LaRoche’s contribution to the partnership.
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
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