On January 1, Year 1, the ABC partnership is formed. A and B contribute cash of $30,000 and $20,000 respectively, while C contributes assets with the following fair values: Inventory $5,000 Land 22,000 Buildings 23,000. The partners agree on a profit and loss sharing ratio of 3:2:5. During the first year, net income is $70,000 and the partners' drawings are A - $12,000, B- $15,000, and C - $30,000. journalize the above transactions