[Dshelton]

Mary Hartmann, sole proprietor of a hardware business, decides to form a partnership with Ned Isaacs. Mary's accounts are as follows:
Book Value Market Value

Cash $20,000 $ 20,000
Accounts Recieivable $82,000 $75,000
Inventory $112,000 $125,000
Land $40,000 $100,000
Building(net) $300,000 $340,000
Accounts Payable $25,000 $25,000
Mortgage Payable $95,000 $95,000


Ned agrees to contribute $60,000 for a 20% interest. Journalize the entries to record (a) Marys investment and (b) Neds investment.

[morgaine300]

Can you please provide any work you have already attempted on this? Or at least ask a specific question about what is confusing you. We aren't here to just do the problem for you.