- + Fit to page ID Page view | All Read aloud L Add Question 3: (10 marks) On August 1, Joe Mora and Mary Howard decide to form a partnership. Of the following items shown below, Mora invested the assets and the partnership assumed the liabilities: Accounts receivable Land Building Accounts payable Note payable Fair Value $ 7,200 300,000 95,000 4,000 198,000 Howard invested $10,000 in cash and $45,000 in equipment. Required: Prepare two journal entries; one to record each partner's investment in the partnership