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What is the capital of chen

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Reference no: EM132560208

Chen and Wright are forming a partnership. Chen will invest a building that currently is being used by business owned by Chen. The building has a market value of $90,000. Also, the partnership will assume responsibility for a $30,000 note secured by a mortgage on that building. Wright will invest $50,000 cash. For the partnership.

Question 1: What is the capital of Chen?

Question 2: Journal entry to record the event.

Reference no: EM132560208

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