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MacArthur,Strong,and Viet Form a Partnership

question 111

Essay

MacArthur,Strong,and Viet form a partnership.MacArthur contributes $190,000 cash and Strong contributes $200,000 in cash.Viet contributes equipment worth $215,000.Prepare the single journal entry to record the formation of this partnership.


Definitions:

Plows

Agricultural tools used for turning over the soil to prepare it for planting seeds by cutting, lifting, and turning over the soil.

Irrigation

The artificial application of water to land to assist in the growth of crops.

Fertilizer

A chemical or natural substance added to soil or land to increase its fertility and enhance plant growth.

Culture Change

The dynamic process through which the beliefs, norms, social activities, arts, and behaviors of a society evolve over time.

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