J. Gould and N. Abasi are forming a partnership on May 1.J. Gould brings with her $9500 cash and an automobile that was purchased for $30,000.Accumulated amortization on the automobile is $9000.

N. Abasi brings with him $6000 cash, and land with a fair market value of $60,000.

The partners agree that the fair market value of the automobile is $21500.

Journalize the formation of this partnership.