View Data = Review = me insert Draw Page Layout Formulas Calibri (Body) 11 A A uste B I U a A x fx A B co Tell me Wrap Text Merge & Center G H SA BE SURE TO ANSWER BOTH PARTS SA & 5B Pederson and Reagor wish to start a business to be operated as a partnership. Pederson contributes $250,000 in cash, Reagor contributes $150,000 in cash. Prepare the journal entry form to record the creation of this partnership in the area provided below. 5B. Nimitz and Halsey form a business to be operated as a partnership called Admiralty Partners. Nimitz contributes $300,000 in cash and Halsey contributes the following schedule of net assets: Halsey Contribution to Partnership Net Assets: Book Value Cash $ 10,000 Land 110,000 Building 160,000 Equipment 120,000 Mortgage on Building (80,000) Total Net Assets $ 320,000 Fair Value $ 10,000 120,000 150,000 100,000 (80,000) $300,000 Prepare the journal entry to record the formation of the Admiralty Partners Partnership in the area provided below