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Take a Test - Alexandra Navo pell + @hitps?il www.mathx1.com/Student/PlayerTest.aspx?testid-C ACC1200-SU2018 Quiz: HW2 CH12 Submit Quiz This Question: 1 pt 8 of 32 This Quiz: 32 pts possible Keel and Winter are forming a partnership to develop a theme park near Desert City, Florida. Keel contributes cash of $2,000,000 and land with a current market value of $10,000,000. When Keel purchased the land in 2015, its cost was $9,500,000. The partnership will assume Keel's $4,750,000 note payable on the land. Winter contributes cash of $4,000,000 and equipment with a current market value of $6,000,000 Read the requirements. Requirement 1. Journalize the partnership's receipt of assets and liabilities from Keel and from Wintor. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) First record the entry for Keel's investment. Accounts and Explanation Debit Credit Now record the entry for Winter's investment. Credit Debit Date Accounts and Explanation Choose from any list or enter any number in the input fields and then continue to the next questic ?

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Solution 2:

Journal Entries - Keel and Winter Event Particulars Debit Credit 1 Keel's Invesment Cash Dr $2,000,000.00 Land Dr $10,000,000.00      To Notes payable $4,750,000.00      To Keel's Capital $7,250,000.00 (To record keel contribution in partnership) 2 Winter's Investment Cash Dr $4,000,000.00 Equipment Dr $6,000,000.00      To Winter's Capital $10,000,000.00 (To record Winter contribution in partnership)

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