Journalizing Partner's Original Investment

Austin Fisher contributed land, inventory, and $23,000 cash to a partnership. The land had a book value of $72,000 and a market value of $127,000. The inventory had a book value of $54,900 and a market value of $51,100. The partnership also assumed a $52,000 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.