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Jackson O'Neil and WIlber Popa formed a partnership with Jackson contributing land valued at $100,000 and building valued at $125,000. Wilber contributed $55,000 in cash.

Jackson O'Neil and WIlber Popa formed a partnership with Jackson contributing land valued at $100,000 and building valued at $125,000. Wilber contributed $55,000 in cash. The partnership assumed the mortgage on Jackson property of $85,000. Profits and losses are to be shared equally. The journal entry to record the partnershi investments of O'Neil and Pops is..

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