On August 1, Farety and Oslinsky decided to form a partnership Farety invested various assets and the partnership assumed the certain liabilities all of which are detailed below: Fair Value Accounts receivable $ 19,500 Land $ 240,000 Building $ 75,000 Accounts payable $ 15,000 Notes payable $ 100,000 Oslinsky invested $50,000 in cash and $35,000 in equipment. Required: Prepare the journal entries (including explanations) to record the partners' investments in the partnership. Journal entries Date Account Debit Credit