Business, 19.07.2020 14:01, datgamer13

Austin Fisher contributed land, inventory, and $20,000 cash to a partnership. The land had a book value of $72,000 and a market value of $131,000. The inventory had a book value of $75,600 and a market value of $69,600. The partnership also assumed a $52,000 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.

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Austin Fisher contributed land, inventory, and $20,000 cash to a partnership. The land had a book va...