Nancy Freeley has been operating an apartment-locator service as a sole proprietorship. She and Melissa Marcellus have decided to form a partnership. Freeley's contribution consists of Cash, $3,000; Accounts Receivable, $9,000; Furniture, $14,000; Building (net), $59,000; and Notes Payable, $16,000. To determine Freeley's equity in the partnership, she and Marcellus hire an independent appraiser. The appraiser values all the assets and liabilities at their book value, except the building, which has a current market value of $94,000. Also, there are additional Accounts Payable of $7,000 that Freeley will contribute. Marcellus will contribute cash equal to Freeley's equity in the partnership. Read the requirements. Requirement 1. Journalize the entry on the partnership books to record Freeley's contribution. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Requirements 1. Journalize the entry on the partnership books to record Freeley's contribution. 2. Journalize the entry on the partnership books to record Marcellus's contribution. Print Done -