Andy and Amy agree to form a partnership with Andy investing the following:

Land $($with mortgage note$)$

Cost $-$ P$1,500,000$

Market Value $-$ P$3,500,000$

Building

Cost $-$ P$5,000,000$

Market Value $-$ P$2,500,000$

Accumulated Depreciation

Cost $-$ P$1,500,000$

Amy will invest cash equal to half of Andy's investment. There is a PNB note of P$1,200,000$ which will be assumed by the partnership.

Give two journal entries to record the investments of the partner.