Austin fisher contributed land, inventory, and $36,000 cash to a partnership. the land had a book value of $120,000 and a market value of $175,000. the inventory had a book value of $50,000 and a market value of $42,000. the partnership also assumed a $35,000 note payable owed by fisher that was used originally to purchase the land. provide the journal entry for fisher

                                DebitCredit

Cash                       36,000  

Land                       175,000  

Inventory                      42,000  

Accounts Payable                   35,000

Austin Fisher, Capital           218,000

                               253,000253,000

Explanation:

It is necessary before making the accounting entry, to determine which entry value will be given to the equity components.

The land and inventory must be valued at their market value .

It must be taken into account that there is a debt that affects the land and it must be canceled by the partnership. It will be registered on accounts payable.

answer; property tax payment made in july and december;

answer utilities; more money you have to pay out ; )