A B D E 1 Problem 1. Accounting for partner contributions Billy Bob and Junior want to develop a water park in Colorado. On Sept 20, 2021 Billy Bob contributes $2,000,000 cash and land with a current market value of $7,500,000. When Billy Bob purchased the land it cost $5,500,000. The partnership will also take over a Billy Bob's $3,000,000 note payable on the land. Junior contributes $2,000,000 cash 3 and equipment with a current market value of $4,000,000. 4 5 6 7 a) Journalize the partnership's receipt of assets and liabilities from Billy Bob and Junior. Date Accounts and Explanations Debit Credit 8 9 10 11 12 13 14 15 b) Compute the partnership's total assets, total liabilities, and equity immediately after organizing. Use cell reference Total Assets 16 17 18 10222 Total Liabilities 19 Total Equity