1. A. Wiggins, L. Stokes, and K. Hayes are forming a partnership. Wiggins is transferring $75,000 of personal cash to the partnership. Stokes contributes land and a building that originally cost $12,000 and $80,000, respectively. The current market value of the land is $25,000 and current market value of the building is $120,000. Hayes transfers to the partnership cash of $14,000, accounts receivable of $48,000 and equipment with a market value of $28,000. The partnership expects to collect $45,000 of the accounts receivable. The current book value of the equipment is $32,000. Instructions: Prepare the journal entries to record each of the partners' investments. Date Account Debit Credit