Tim Credence and John King set up a new limited liability company on October 3, 2020. Tim contributes a machine and land worth a combined $1,041,000. Market value of the machine is $349,000. John contributes $1,003,000 in cash. Write the journal entry to record the contributions to the LLC. Do not enter dollar signs or commas in the input boxes, Enter the debit accounts in alphabetical order, followed by the credit accounts in alphabetical order. Date Account Title and Explanation Oct 3 42 To record investment by partners Debit Credit