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Tara - 60% profit & loss ratio. Tara contributed a parcel of land (acquired on 1/1/1995 as investment property) and its related mortgage. The land originally cost $208,000 and had a fair market value of $350,000 as of the date it was contributed to the partnership. There was a $180,000 balance on the qualified nonrecourse mortgage assumed by the partnership. The land is known as "Dragon Acres". The capital contribution of the land and its related mortgage was made on the date the partnership was formed. The land was used by the Partnership as a location to train the horses.

You need to make a journal entry to record Tara's capital contribution of the land subject to the mortgage as of 1/1/2010

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M968679

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