Question 1 - Kathleen Reilly and Ann Wolf decide to form a partnership on August 1. Reilly invested the following assets and liabilities in the new partnership: Land. Building Note payable. Market Value $100,000 300,000 198,000 The note payable is associated with the building and the partnership will assume responsibility for the loan. Wolf invested $60,000 in cash and $105,000 in equipment in the new partnership. The partners agreed to equally capital interest in the business. Prepare the journal entry to record the two partners' original investments in the new partnership. Hint: one compound entry