Question: 1 . Assume C invests $ 6 0 , 0 0 0 cash in to begin the partnership and G contributes these assets, inventory, land,

1. Assume C invests $60,000 cash in to begin the partnership and G contributes these assets, inventory, land, vehicle and building:Fair ValueBook Value Inventory 80,000 Land 28,000 Vehicle 40,000 Building 56,00090,00020,00050,00046,000Green's building is encumbered by $23,600 mortgage that the partnership assume.Record the journal entry of the partnership created by these contributions.

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