On February 1, Year 3, Jack and Jill decide to form a partnership called J&J Bucket...

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On February 1, Year 3, Jack and Jill decide to form a partnership called J&J Bucket Brigade. They combine their assets with the following current market values and +book values: Cash Net accounts receivable Jack's Assets Jill's Assets Book Value Market Value Book Value Market Value $40,000 $40,000 $50,000 $50,000 39,500 37,000 28,000 27,000 Inventory Land 69,000 75,000 55,000 72,000 50,000 85,000 75,000 90,000 Equipment 80,000 70,000 90,000 75,000 Accumulated 25,000 30,000 amortization Accounts payable] 28,000 Notes payable 314 28,000 10,000 10,000 (short term) Required a. Journalize the entries on February 1, Year 3 to record the partners' initial investments. b. Prepare the classified balance sheet for J&J Bucket Brigade on February 1, Year 3, immediately after the partnership entries are prepared. On February 1, Year 3, Jack and Jill decide to form a partnership called J&J Bucket Brigade. They combine their assets with the following current market values and +book values: Cash Net accounts receivable Jack's Assets Jill's Assets Book Value Market Value Book Value Market Value $40,000 $40,000 $50,000 $50,000 39,500 37,000 28,000 27,000 Inventory Land 69,000 75,000 55,000 72,000 50,000 85,000 75,000 90,000 Equipment 80,000 70,000 90,000 75,000 Accumulated 25,000 30,000 amortization Accounts payable] 28,000 Notes payable 314 28,000 10,000 10,000 (short term) Required a. Journalize the entries on February 1, Year 3 to record the partners' initial investments. b. Prepare the classified balance sheet for J&J Bucket Brigade on February 1, Year 3, immediately after the partnership entries are prepared.