24 Dec Ethan Munroe and Crista Cross form a partnership o
Ethan Munroe and Crista Cross form a partnership on March 1, 201X. Munroe contributes $42,000. Cross contributes $28,500 cash and land costing $18,300 with a current fair value of $33,000. A $29,000 note payable due to Cross is assumed by the new partnership. Please prepare the journal entries to record Munroe s and Cross s investment in the partnership.