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Provide the journal entry for beachs contribution

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1. Josh Beach contributed land, inventory, and $24,000 cash to a partnership. The land had a book value of $65,000 and a market value of $114,000. The inventory had a book value of $60,000 and a market value of $56,000. The partnership also assumed a $50,000 note payable owed by Beach that was used originally to purchase the land. 
Provide the journal entry for Beach's contribution to the partnership. 

Reference no: EM131125696

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