Angela Moss and Autumn Barber organize a partnership on January 1. Moss's initial net investment is $87,000, consisting of cash ($18,000), equipment ($85,000), and a note payable reflecting a bank loan for the new business ($16,000). Barber's initial investment is cash of $36,000. These amounts are the values agreed on by both partners. Prepare journal entries to record (1) Mosss investment and (2) Barbers investment.

Record initial investment of Moss.

Record the initial investment of Barber.