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Prepare journal entries to record krolls investment

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Question: Anita Kroll and Aaron Rogers organize a partnership on January 1. Kroll's initial net investment is $60,000, consisting of cash ($14,000), equipment ($66,000), and a note payable reflecting a bank loan for the new business ($20,000). Rogers's initial investment is cash of $25,000. These amounts are the values agreed on by both partners. Prepare journal entries to record

(1) Kroll's investment and

(2) Rogers's investment.

Reference no: EM131534302

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