Question: knoll and wayne are forming a partnership to develop a theme park near fair City, Florida. Knoll contributes cash of 1750000and land with a current

knoll and wayne are forming a partnership to develop a theme park near fair City, Florida. Knoll contributes cash of 1750000and land with a current market value of 13000000 . When knoll purchased the land in 2021 , its cost was 6000000. The partnership will assume Knoll's 3000000 note payable on the land. Wayne contributes cash of 3750000and equipment with a current market value of 9250000

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