M Flaherty, P Denny, and G Newman are forming a partnership Flaherty is transferring $75,000 of personal cash to the partnership Denny owns land worth $25,000 and a small building worth $120,000, which she transfers to the partnership Newman transfers to the partnership cash of $14,000, accounts receivable of $48,000 and equipment worth $28,000 The partnership expects to collect $45,000 of the accounts receivable Instructions (a) Prepare the journal entries to record each of the partners investments (b) What amount would be reported as total owners equity immediately after the investments

Question: M. Flaherty, P. Denny, and G. Newman are forming a partnership. Flaherty is transferring $75,000 of personal cash to the partnership. Denny owns land worth

M. Flaherty, P. Denny, and G. Newman are forming a Flaherty is transferring $75,000 of personal cash to the Denny owns land worth $25,000 and a small building worth $120,000, which she transfers to the Newman transfers to the cash of $14,000, of $48,000 and equipment worth $28,000. The expects to collect $45,000 of the Prepare the journal entries to record each of the partners’ investments.
(b) What amount would be reported as total owners’ equity immediately after the investments?

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