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Brian and Greason form a partnership and invest the following assets and liabilities. Greasons buildingis subject to a $40,000 mortgage that is not assumed by

Brian and Greason form a partnership and invest the following assets and liabilities. Greasons buildingis subject to a $40,000 mortgage that is not assumed by the partnership.Fair Market Value Carrying ValueBrianCash $60,000 $60,000Land 90,000 66,000GreasonCash 20,000 20,000Building 120,000 114,000

In the journal provided prepare the entry to record the formation of the partnership. (Omit explanation.)

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