Angela Moss and Autumn Barber organize a partnership on January 1. Mosss initial net investment is $75,000, consisting of cash ($17,500), equipment ($82,500), and a note payable reflecting a bank loan for the new business ($25,000). Barbers initial investment is cash of $31,250. These amounts are the values agreed on by both partners.

Prepare journal entries to record (1) Mosss investment and (2) Barbers investment.