On the 1 March 2019 Graham Wood and Kim Hughes formed a partnership. They agreed to share the profits and losses equally. Ms Hughes contributed $25,000 in cash and equipment which cost $155,000 and had a fair value of $130,000. Assets and liabilities assumed by the partnership from Mr Woods business are shown below at both carrying amount and fair value.

	Carrying Amount	Fair Value
Cash at Bank	$142,000	$142,000
Accounts Receivable	11,000	9,000
Inventory	12,000	10,100
Accounts Payable	11,000	11,000
Loan Payable	25,000	25,000

During the year ended 30 June 2019, Mr. Wood contributed additional equipment which had a fair value of $20,000. In addition, during the year Ms Hughes withdrew $6,000 and Mr Wood withdrew $9,000 in anticipation of the partnership making profits for the year ended 30 June 2019. However, for the year ended 30 June 2019 the partnership made a net loss of $25,000. No interest was charged on the partner's withdrawals and no retained earnings accounts are used by the partnership.

Narrations are not required for the journal entries.

Required:

a) Prepare the journal entries to record each partners initial investment at 1 March 2019 (4.5 marks)

b) Determine the balance of Graham Woods equity in the partnership at 30 June 2019 (2.5 marks)