On August 1, Bob Heart and Penny Wise decide to form apartnership. Of the following items shown below, Heart invested theassets and the partnership assumed the liabilities: Fair Value:Accounts receivable $7,200 Land 300,000 Building 95,000 Accountspayable 4,000 Note payable 198,000 Wise invested $10,000 in cashand $45,000 in equipment.
Prepare 2 journal entries; one to record each partner’sinvestment in the partnership.
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