On October 1, 20Y8, Jacinto Suarez and Tricia Fritz form a partnership. Suarez agrees to invest $25,000 in cash and inventory valued at $60,000. Fritz invests certain business assets at valuations agreed upon, transfers business liabilities, and contributes sufficient cash to bring Fritz's total capital to $100,000. Details regarding the book values of the business assets and liabilities, and the agreed valuations, follow: Fritz's Ledger Agreed-Upon Balance Valuation Accounts Receivable $44,000 $40,000 Allowance for Doubtful Accounts 5,000 2,500 Equipment 180,000 90,000 Accumulated Depreciation-Equipment 115,000 Accounts Payable 18,500 18,500 Notes Payable (current) 30,000 30,000 The partnership agreement includes the following provisions regarding the division of net income: interest on original investments at 8%, salary allowances of $45,000 (Suarez) and $60,000 (Fritz), and the remainder equally. Required: 1. Journalize the entries to record the investments of Suarez and Fritz in the partnership accounts.