Karen and Brenda form a partnership on June 1, 2005. Karen invested in the partnership the following at fair market value:

Cash	15,000
Accounts receivable	10,500
Land	60,000
Machinery	85,000
Accounts payable	16,000
Notes payable	48,000

Brenda invested $75,000 in cash and a truck with a fair market value of $25,000.

Required:

Prepare journal entries to show the information of the partnership.

Please do not copy from chegg otherwise i have to report the answer. Explain the answer throughly with showing each step of the calculation.