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Provide the journal entry for shelton contribution

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Conway Shelton contributed land, inventory, and $58,000 cash to a partnership. The land had a book value of $40,000 and a market value of $68,000. The inventory had a book value of $50,000 and a market value of $45,000. The partnership also assumed a $20,000 note payable owed by Shelton that was used originally to purchase the land.

Provide the journal entry for Shelton's contribution to the partnership.

 

Reference no: EM13512306

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