Journalizing Partner's Original Investment Austin Fisher contributed land, inventory, and $35,000 cash to a partnership. The land had a book value of $59,000 and a market value of $114,000. The inventory had a book value of $59,400 and a market value of $55,200. The partnership also assumed a $42,000 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. Dividing Partnership Net Income ? Required: Steve Prince and Chelsy Bernard formed a partnership, dividing income as follows: 1. Annual salary allowance to Bernard of $179,850. 2. Interest of 5% on each partner's capital balance on January 1. 3. Any remaining net income divided to Prince and Bernard, 1:2. Prince and Bernard had $90,000 and $93,000, respectively, in their January 1 capital balances. Net income for the year was $327,000. How much is distributed to Prince and Bernard? Note: Compute partnership share. Prince: $ Bernard: