Reese Howell contributed land, inventory, and $33,000 cash to a partnership. The land had a book value of $59,000 and a market value of $108,000. The inventory had a book value of $72,600 and a market value of $67,500. The partnership also assumed a $42,000 note payable owed by Howell that was used originally to purchase the land.

Provide the journal entry for Howell's contribution to the partnership. If an amount box does not require an entry, leave it blank.