5. On October 1, A. Wiggins and K. Hayes agreed to start a partnership. Wiggins is contributing $75,000 of personal cash and supplies that originally cost $10,000 but have a current market value of $8,000. Hayes transfers to the partnership cash of $14,000, accounts receivable of $48,000 and equipment with a book value of $15,000 and current market value of $28,000. Estimated allowance for the accounts receivables is $3,000. Instructions: Prepare the journal entries to record each of the partners' investments. Date Account Debit Credit