HUMLUM ALI SU 12 pun) Extra Credit (5 points) 7. Gentry, sole proprietor of a hardware business, decides to form a partnership with Noel. Gentry's accounts are as follows: Cash Accounts Receivable (net) Land Building (net) Accounts Payable Book Value $ 20,000 52,000 152,000 300,000 100,000 Market Value $ 20,000 45.000 225,000 340,000 100,000 Noel agrees to contribute $70,000 cash. Required Prepare the journal entries to record (a) Gentry's investment and (b) Noel's investment