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Question(s) / Instruction(s):

K. Meissner, S. Cohen, and E. Hughes are forming a partnership. Meissner is transferring $46,528 of personal cash to the partnership. Cohen owns land worth $17,400 and a small building worth $78,811, which she transfers to the partnership. Hughes transfers to the partnership cash of $7,322, accounts receivable of $29,120 and equipment worth $18,670. The partnership expects to collect $26,208 of the accounts receivable.

Required:

1.            Prepare the journal entries to record each of the partners' investments.

2.            What amount would be reported as total owners' equity immediately after the investments?

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