please explain in detail and show me the step. thank you so much

LO2 4 Recording partnership for Sarah and Lucy formed a partnership by combining their sole trader businesses, contributing the following to the new partnership (all figures in thousands). Sarah contributed cash of $54 and land with a fair value of $390 that had cost $108. The partnership also assumed Sarah's business overdraft of $144. Lucy contributed cash of $120 and equipment that cost $146, and she had accumulated depreciation of $70 with a fair value of $84. The partnership also assumed Lucy's accounts receivable of $22 and the provision for bad debts (which upon review is believed to be adequate) of $2. REQUIRED Prepare the journal entries to record the investment by both partners