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Journalize the entries to record Lola investment

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Question - Lola Pérez, sole proprietor of a hardware business, decides to form a partnership with Petra Hammer. Lola's accounts are as follows:

 

Book Value

Market Value

Cash

$40,000

$40,000

Accounts Receivable (net)

70,000

65,000

Inventory

150,000

135,000

Land

100,000

120,000

Building (net)

500,000

540,000

Accounts Payable

40,000

40,000

Mortgage Payable

145,000

145,000

Petra agrees to contribute $150,000 for a 30% interest on the new business.

Required - Journalize the entries to record (a) Lola's investment and (b) Petra' investment in a General Journal form.

Reference no: EM132819604

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