The DELS partnership was formed by combining individual accounting practices on May 10, 20X1. The initial investments were as follows: Current Value Тax Basis Delaney: Cash $ 8,200 8,200 lding Morts 37.400 payable, assumed by DELS 7,400 ве Engstrom: Cash 9,600 23,100 10,700 9,600 Office furniture Note payable, assumed by DELS Lahey Cash 17,900 10,700 12,100 18,900 16,200 12,100 Computers and printers Note payable, assumed by DELS Si 21,900 16,200 Cash 21,500 7,400 21,500 5,400 Library (books and periodicals)
Required: a. Prepare the journal entry to record the initial investments using GAAP accounting. (If no entry is required for a transaction/event, select “No journal entry required” in the first account field.) Required: a. Prepare the journal entry to record the initial investments using GAAP accounting. (If no entry is required for a transaction/event, select “No journal entry required” in the first account field.) View transaction list View journal entry worksheet General Journal No Event Debit Credit Cash A 1 51,400 18,900 Computers and printers Office furniture 23,100 Library 7,400 Building 60,700 Notes payable 2,900 Mortgage payable 37,400 Delaney, Capital 31,500 Engstrom, Capital 22,000 Lahey, Capital 14,800 Simon, Capital 28,900 b. Calculate the tax basis of each partner's capital if Delaney, Engstrom, Lahey, and Simon agree to assume equal amounts for the payables. Delaney Engstrom Lahey Simon Total. Get Accounting homework help today with Homework Market
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