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 Wood's business are shown below at both carrying amount and fair value. Carrying Amount Fair Value Cash at Bank $142,000 $142,000 9,000 Accounts Receivable 11,000 Inventory 10,100 12,000 11,000 Accounts Payable 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 partner's initial investment at 1 March 2019 (4.5 marks) b) Determine the balance of Graham Wood's equity in the partnership at 30 June 2019 (2.5 marks)