Jackson and Richard formed a partnership on 1 July 2022, agreeing to share profits and losses in the ratio of 2:1. Jackson contributed $30 000 in cash and land with a fair value of $180 000. Assets contributed to, and liabilities assumed by, the partnership from Richard's business at both carrying amount and fair value are shown below. Date intel CORE Cash at bank Accounts receivable Inventory Office equipment Accounts payable Bank loan Description 17 Carrying amount $22 500 12 800 24 600 76 000 11 500 18 000 Fair value $22 500 12 800 23 800 62 000 11 500 18 000 During the first year, Jackson contributed an additional $12 000 in cash. The partnership's profit was $56