L & M form a 50/50 partnership on January 1.L invested Land with a market value of $90,000.The Land account would be:

Name: L & M form a 50/50 partnership on January 1.L invested Land with a market value of $90,000.The Land account would be:
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When L invests the Land with a market value of $90,000, the Land account will be debited for $90,000 as it is an increase in asset account which is debited. This transaction will also be recorded in the capital accounts of L and M in a 50/50 ratio.

L & M Form a 50/50 Partnership on January 1