The DELS partnership was formed by combining individual accounting practices on May 10, 20X1. The initial investments were as follows Current Value Tax Basis Delaney: Cash Building Mortgage payable, assumed by DELS $ 8,600 $ 8,600 60,680 36, 500 33, 200 36, 500 Engstrom: Cash Office furniture Note payable, assumed by DELS 9, 400 23,700 11, 50e 9, 400 18,800 11, 50e Lahey: Cash Computers and printers Note payable, assumed by DELS 13, 300 18, 200 15,900 13, 300 21,600 15,900 Simon: 21,500 8,200 Cash 21, 500 6,208 Library (books and periodicals) Required a. Prepare the journal entry to record the initial investments using GAAP accounting. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)