Sarah and lucy formed a partnership by combining their sole trader business, 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 , 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 of $2.

Prepare the journal entries to record the investment by both partners.