Max Becker and Robyn Cook are currently competitors and agreed to form Becker and Cook Partnership on 1 May 2022. The fair value of their assets and liabilities are show in the table below:

	Fair value ($)
Account	Becker	Cook
Cash as bank	70,000	20,000
Accounts receivable		20,000
Inventory	40,000	10,000
Equipment (net)	50,000	20,000
Land		60,000
Building (net)		50,000
Mortgage		15,000

Required: (Ignore GST)

1. Prepare the journal entries (including narrations) to record each partners initial investment to the partnership, if the partners agreed their capital should be $170,000.
2. Prepare the partnerships balance sheet as at 1 May 2022.

DO NOT LEAVE A BLANK ROW BETWEEN EACH ITEM. DO NOT USE COMMAS, SPACES OR THE $ SIGN.

a.

Date	Account	Debit ($)	Credit ($)

b.

Becker and Cook Partnership Balance Sheet as at 1 May 2022
	$	$
Current Assets
Non-Current Assets
Total Assets
Non-Current Liabilities
Total Liabilities
Net Assets
Equity