Journalizing Partner's Original Investment Austin Fisher contributed land, inventory, and $34,000 cash to a partnership. The land had a book value of $71,000 and a market value of $130,000. The inventory had a book value of $69,100 and a market value of $63,600. The partnership also assumed a $51,000 note payable owed by Fisher that was used originally to purchase the land. Required: Provide the journal entry for Fisher's contribution to the partnership. If an amount box does not require an entry, leave it blank. lllll Dividing Partnership Net Income Required: Steve King and Chelsy Poodle formed a partnership, dividing income as follows: 1. Annual salary allowance to King of $184,080. 2. Interest of 7% on each partner's capital balance on January 1. 3. Any remaining net income divided to King and Poodle, 1:2. King and Poodle had $96,000 and $75,000, respectively, in their January 1 capital balances. Net income for the year was $312,000. How much is distributed to King and Poodle? Note: Compute partnership share. King: Poodle: $