The name of the partnership will be Medina and Dalangin Hunting Gears. The partners have agreed...

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The name of the partnership will be Medina and Dalangin Hunting Gears. The partners have agreed to affect the following adjustments: a. Medina's merchandise inventory is to be reduced by $105,200. The inventory of Dalangin will be increased by #7,200. b. The following are the fair market values of the various assets: Land Building Office Equipment Repair Equipment Medina 108,000 192,000 16,000 124,000 Dalangin 40,000 c. One-half of the notes payable of Medina are personal notes. All other liabilities of the partners are assumed by the partnership. d. The prepaid rent in the books of Dalangin will be consumed by the partnership. Required: Record the partnership formation and prepare the partnership's statement of financial position as at March 1, 2021. The name of the partnership will be Medina and Dalangin Hunting Gears. The partners have agreed to affect the following adjustments: a. Medina's merchandise inventory is to be reduced by $105,200. The inventory of Dalangin will be increased by #7,200. b. The following are the fair market values of the various assets: Land Building Office Equipment Repair Equipment Medina 108,000 192,000 16,000 124,000 Dalangin 40,000 c. One-half of the notes payable of Medina are personal notes. All other liabilities of the partners are assumed by the partnership. d. The prepaid rent in the books of Dalangin will be consumed by the partnership. Required: Record the partnership formation and prepare the partnership's statement of financial position as at March 1, 2021.

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Adjustments a Medina Capital Merchandise Inventory Ending Merchandise Inventory Beginning b Land Me... View the full answer