Tim Credence and Jim Kulak set up a new limited liability company on July 20, 2020. Tim contributes a machine and land worth a combined $866,000. Market value of the machine is $348,000. Jim contributes $959,000 in cash. Write the journal entry to record the contributions to the LLC.

Answer rating: 100% (QA)

the journal entry to record the contributions would be Date July 2... View the full answer