Question: and Waites are forming a partnership to develop a theme park near Pierce City, Florida. Kendall contributes cash of $4,000,000 and land with a current

and Waites are forming a partnership to develop a theme park near Pierce City, Florida. Kendall contributes cash of $4,000,000 and land with a current market value of $9,500,000. When Kendall purchased the land in 2021, its cost was $6,000,000. The partnership will assume Kendall's $4,750,000 note payable on the land. Waites contributes cash of $6,000,000 and equipment with a current market value of $3,500,000

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