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Journaling Partner's Original Investment Austin Fisher contributed land, Inventory, and $24,000 cash to a partnership. The...

Question:

Journaling Partners Original Investment Austin Fisher contributed land, Inventory, and $24,000 cash to a partnership. The la
Journaling Partner's Original Investment Austin Fisher contributed land, Inventory, and $24,000 cash to a partnership. The land had a book value of $85,000 and a market value of $150,000. The Inventory had a book value of $57,100 and a market value of $52,500. The partnership also assumed a $61,000 note payable owed by Fisher that was used originally to purchase the land. Required: Provide the journal entry for Fisher's contribution to the partnership. If an amount box does not require an entry, leave it blank.

Answers

Solution 24000 cash Inventory Land 52500 150000 Notes payable 61000 Austin Fisher, capital 165500

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