Emma and Peter form a partnership on 1 July 2020. Emma agrees to bring in $20 000 of cash and inventory with a market value of $73 000.

Peter, who has been trading as a sole trader, is to invest certain business assets at agreed market valuations and also transfer his business liabilities. Details of his assets and liabilities and their agreed valuations, are as follows:

	Book value in Peter's records	Agreed market value
Cash	$32 600	$32 600
Inventory	$80 000	$66 000
Equipment	$44 000	$54 000
Accounts Payable	$60 000	$60 000

Prepare the appropriate general journal entries to set up the partnership on 1 July 2020.