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Strong and MacArthur, form a partnership. MacArthur contributes $190,000 cash and Strong contributes Land which he had purchased for $285,000 and is now valued/appraised at $300,000. Strong also contributed the Notes Payable for $110,000 (associated with the Land), Required: Prepare the Journal entry to record the formation of this partnership.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92821225

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