Question: On March 1 , Eckert and Kelley formed a partnership. Eckert contributed 8 1 , 0 0 0 cash, and Kelley contributed land valued at

On March 1, Eckert and Kelley formed a partnership. Eckert contributed 81,000 cash, and Kelley contributed land valued at64,800 and a building valued at 94,800. The partnership also took Kelley's71,000 long-term note payable associated with the land and building. The partners agreed to share income as follows: Eckert gets an annual salary allowance of 31,000, both get an annual interest allowance of 8

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