Henri Mikels and Alex Jamison are watch repairmen who want to form a partnership and open a jewelry store. They have an attorney prepare their partnership agreement, which indicates that assets invested in the partnership will be recorded at their fair market value and that liabilities will be assumed at book value. The assets contributed by each partner and the liabilities assumed by the partnership are as follows:

Assets Henri Mikels | Alex Jamison | Total Cash $40,000 | $30,000 | $70,000 Accounts receivable 52,000 | 20,000 | 72,000 Allowance for uncollectible accounts 4,000 | 3,000 | 7,000 Supplies 1,000 | 500 | 1,500 Equipment 20,000 |10,000 | 30,000 Liabilities Accounts payable 32,000 | 9,000 | 41,000

Prepare the entry in journal form necessary to record the original investments of Mikels and Jamison in the partnership.