Maureen Knipper and Jordan Klein have been sole proprietors of separate animal relocation businesses for several years. On January 1, 20--, they form a partnership called K & K Animal Kingdom. The following balance sheets provided for each business serve as the basis for the partnership:
Knipper and Klein agree that the information provided on the balance sheets represents market values, except for the assets listed below for which appraisals of current market values were obtained.
Required:
Prepare the opening journal entries for the formation of K & K Animal Kingdom.

Question

Maureen Knipper and Jordan Klein have been sole proprietors of separate animal relocation businesses for several years. On January 1, 20--, they form a partnership called K & K Animal Kingdom. The following balance sheets provided for each business serve as the basis for the partnership:  ​  ​
Knipper and Klein agree that the information provided on the balance sheets represents market values, except for the assets listed below for which appraisals of current market values were obtained.  ​
Required:
Prepare the opening journal entries for the formation of K & K Animal Kingdom.

Quizplus · Accepted Answer

The Answer of Maureen Knipper and Jordan Klein have been sole proprietors of separate animal relocation businesses for several years. On January 1, 20--, they form a partnership called K & K Animal Kingdom. The following balance sheets provided for each business serve as the basis for the partnership:  ​  ​
Knipper and Klein agree that the information provided on the balance sheets represents market values, except for the assets listed below for which appraisals of current market values were obtained.  ​
Required:
Prepare the opening journal entries for the formation of K & K Animal Kingdom.

Maureen Knipper and Jordan Klein Have Been Sole Proprietors of Separate