(Solution) - Anita Kroll and Aaron Rogers organize a partnership on January -(2025 Original AI-Free Solution)

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Academic Level: Undergrad. (yrs 3-4)

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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.