Kennett and Wyndon are forming a partnership to develop a theme park near Fair City, Florida....

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Kennett and Wyndon are forming a partnership to develop a theme park near Fair City, Florida. Kennett contributes cash of $1,500,000 and land with a current market value of $12,000,000. When Kennett purchased the land in 2021, its cost was $9,500,000. The partnership will assume Kennett's $2,750,000 note payable on the land. Wyndon contributes cash of $3,500,000 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 Kennett and from Wyndon. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) First record the entry for Kennett's investment. Accounts and Explanation Date Now record the entry for Wyndon's investment. Date Cash Land Equipment Accounts and Explanation Total Assets Assets Debit Requirement 2. Compute the partnership's total assets, total liabilities, and total partners' equity immediately after organizing. Kennett and Wyndon Balance Sheet January 1, 201X Note Payable Debit Liabilities Credit Partners' Equity Credit Kennett, Capital Wyndon, Capital Total Partners' Equity Total Liabilities and Partners' Equity Requirements 1. Journalize the partnership's receipt of assets and liabilities from Kennett and from Wyndon. 2. Compute the partnership's total assets, total liabilities, and total partners' equity immediately after organizing. Print Done X Kennett and Wyndon are forming a partnership to develop a theme park near Fair City, Florida. Kennett contributes cash of $1,500,000 and land with a current market value of $12,000,000. When Kennett purchased the land in 2021, its cost was $9,500,000. The partnership will assume Kennett's $2,750,000 note payable on the land. Wyndon contributes cash of $3,500,000 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 Kennett and from Wyndon. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) First record the entry for Kennett's investment. Accounts and Explanation Date Now record the entry for Wyndon's investment. Date Cash Land Equipment Accounts and Explanation Total Assets Assets Debit Requirement 2. Compute the partnership's total assets, total liabilities, and total partners' equity immediately after organizing. Kennett and Wyndon Balance Sheet January 1, 201X Note Payable Debit Liabilities Credit Partners' Equity Credit Kennett, Capital Wyndon, Capital Total Partners' Equity Total Liabilities and Partners' Equity Requirements 1. Journalize the partnership's receipt of assets and liabilities from Kennett and from Wyndon. 2. Compute the partnership's total assets, total liabilities, and total partners' equity immediately after organizing. Print Done X

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