Ask Question
15 February, 20:32

Austin Fisher contributed land, inventory, and $34,000 cash to a partnership. The land had a book value of $70,000 and a market value of $127,000. The inventory had a book value of $62,000 and a market value of $57,700. The partnership also assumed a $50,000 note payable owed by Fisher that was used originally to purchase the land. Provide the journal entry for Fisher.

+3
Answers (1)
  1. 15 February, 20:57
    0
    The journal entry will be as follows;

    Explanation:

    Cash Dr.$34,000

    Land Dr.$127,000

    Inventory Dr.$57,700

    Note Payable Cr.$50,000

    Capital-Fisher Cr.$168,700

    With contribution of assets net off of note payable by partnership, the fisher capital will be recorded in partnership.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Austin Fisher contributed land, inventory, and $34,000 cash to a partnership. The land had a book value of $70,000 and a market value of ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers