Keel and Wayne are forming a partnership to develop a theme park near Bay City, Florida. Keel contributes cash of $1,000,000 and land with a current market value of $11,500,000. When Keel purchased the land in 2021, its cost was $8,000,000. The partnership will assume Keel's $3,750,000 note payable on the land. Wayne contributes cash of $3,000,000 and equipment with a current market value of $8,500,000. Read the requirements. ... Requirement 1. Journalize the partnership's receipt of assets and liabilities from Keel and from Wayne. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) First record the entry for Keel's investment. Date Accounts and Explanation Debit Credit Requirements Land Cash Note Payable Keel, Capital 1. Journalize the partnership's receipt of assets and liabilities from Keel and from Wayne. 2. Compute the partnership's total assets, total liabilities, and total partners' equity immediately after organizing. To record keel's contribution. Help me solve this Etext pages Get more help Print Media A Done