Part A (5.5 marks) Alicia and May formed a partnership by merging their existing business on 1 July 2019. The records of the two sole traders on that date are presented below Alicia May $ 36 Cash 25 000 80 000 Account Receivable 3 500 5 000 Inventory 25 000 Equipment 75 500 Accumulated depreciation-equipment 25 000 Property 1 200 000 Accumulated depreciation-property 200 000 Bank Loan - 20 000 Mortgage 700 000 As at 1 July 2019, all the above assets and liabilities are recorded at fair value, except for May's account receivable. May's account receivable amount reported in the above table (i. e- $5 000) is $1 500 below the fair value. Ignore GST. Required: Prepare the journal entries to record the initial investments of Alicia and May