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Prepare the journal entries to record the investments

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Reference no: EM131871943

Question - Thomas and Aggy decide to form a partnership on August 1. Thomas invests the following assets and liabilities in the new partnership:

Market Value

Land $200,000

Building 350,000

Note payable 175,000

The note payable is associated with the building and the partnership will assume responsibility for the loan. Aggy invested $120,000 in cash and $195,000 in equipment in the new partnership. Prepare the journal entries to record the two partners' original investments in the new partnership.

Reference no: EM131871943

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