Susan Knoll and Emerson Wyndon are forming a partnership to develop a craft beer brewing company. Knoll contributes cash of $300,000 and land appraised at $80,000 with a building that has a current market value of $200,000. When Knoll purchased the land and building in 2014, its cost was $250,000. The partnership will assume Knoll's mortgage on the property in the amount of $110,000. Wyndon contributes cash of $500,000 and equipment with a current market value of $90,000.
1. Journalize the partnership's receipt of assets and liabilities on October 15. Record this as a compound journal entry for both partners.
2. Compute the partnership's total assets, total liabilities, and total partners' equity immediately after organizing.