Austin Fisher contributed land, inventory, and $34,000 cash to a partnership. The land had a book value of $70,000 and a market value of $127,000. The inventory had a book value of $62,000 and a market value of $57,700. The partnership also assumed a $50,000 note payable owed by Fisher that was used originally to purchase the land. Provide the journal entry for Fisher.

The journal entry will be as follows;

Explanation:

Cash               Dr.$34,000

Land               Dr.$127,000

Inventory        Dr.$57,700

Note Payable                        Cr.$50,000

Capital-Fisher                        Cr.$168,700

With contribution of assets net off of note payable by partnership,the fisher capital will be recorded in partnership.

answer; (c) penalty

a recipe serves 8 people, and calls for 5 lbs of apples and 2 cups of flour. you want to prepare it for 24 people. divide 24 by 8 to get 3, and then multiply your ingredients by 3.

so for 24 people, you'll need 15 lbs of apples, and 6 cups of flour.