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Anita Kroll and Aaron Rogers organize a partnership on January 1 Kroll’s initial net investment is $60000 consisting of cash $14000 equipment $66000 and a note payable reflecting a bank

Anita Kroll and Aaron Rogers organize a partnership on January 1. Kroll’s initial net investment is $60,000, consisting of cash ($14,000), equipment ($66,000), and a note payable reflecting a bank loan for the new business ($20,000). Rogers’s initial investment is cash of $25,000. These amounts are the values agreed on by both partners. Prepare journal entries to record (1) Kroll’s investment and (2) Rogers’s investment.

Jul 20 2020 View more View Less

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