On June 1, 2020, Jan and Macy formed a partnership. Jan contributed cash of 600,000, inventories of 100,000, and furniture and fixtures of 120,000. On the other hand, Macy contributed cash of 520,000, building of 330,000, and land of 200,000. The building was mortgaged for a loan amounting to 500,000 of which 70% had already been paid. The remaining balance would be assumed by the partnership. The partners agreed to share profits and losses equally. Prepare the journal entries related to partnership formation, assuming: Each partner would be credited for the full amount of net assets invested and Each partner initially should have an equal interest in partnership capital. To ensure this, it was agreed that partner with a lower capital balance had to invest additional cash.