n 2 ed out of n Time left 2:37:52 Mary and Dawn form a partnership Jan 1 and invest the following assets and liabilities. Assuming that the partners will share income and losses equally, in the journal provided prepare the entry to record the formation of the partnership. (Omit explanation.) Partnership Information Fair Market Value Carrying Value Mary Cash $50,000 $50,000 Land 70,000 40,000 Dawn Cash 16,000 16,000 Building 100,000 90,000 Mortgage Payable (60,000) (60,000) Prepare the entries in General Journal accounts.