Tracy and Jack formed the TJ Partnership on March 1, 2014 by combining the separate assets of their respective proprietorships. Information relating to their assets and liabilities are as follows: Cash Net accounts receivable Inventory Land Buildings Accumulated amortization Tracy's assets Market value $10,000 $85,000 $85,000 Book value $10,000 39,000 60,000 50,000 80,000 25,000 Accounts payable 18,000 37,000 75,000 90,000 70,000 Book value Jack's assets Market value 18,000 28,000 55,000 75,000 90,000 30,000 25,000 23,000 72,000 90,000 75,000 25,000 1. Prepare the journal entry to record the formation of the partnership. 2. Prepare the balance sheet for TJ Partnership on March 1, 2014.