Calaguas and Dela Cruz formed a partnership and invested the following assets and liabilities: Calaguas: Fair Market Value Carrying Value Cash 300,000 300,000 Land 450,000 280,000 Dela Cruz: Cash 100,000 100,000 Building 600,000 520,000 Mortgage Payable 400,000 400,000 What is the opening journal entry in the books of the partnership?
Calaguas and Dela Cruz formed a partnership and invested the following assets and liabilities: Calaguas: Fair Market Value Carrying Value Cash 300,000 300,000 Land 450,000 280,000 Dela Cruz: Cash 100,000 100,000 Building 600,000 520,000 Mortgage Payable 400,000 400,000 What is the opening journal entry in the books of the partnership?
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter14: Partnerships And Limited Liability Entities
Section: Chapter Questions
Problem 2BD
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Two Sole Proprietors Form a
Calaguas and Dela Cruz formed a partnership and invested the following assets and liabilities:
| Calaguas: | Fair Market Value | Carrying Value |
| Cash | 300,000 | 300,000 |
| Land | 450,000 | 280,000 |
| Dela Cruz: | ||
| Cash | 100,000 | 100,000 |
| Building | 600,000 | 520,000 |
| Mortgage Payable | 400,000 | 400,000 |
What is the opening
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