Trevor Smith contributed equipment, inventory, and $$47,000$ cash to a partnership. The equipment had a book value of $$25,000$ and a market value of $$28,000.$ The inventory had a book value of $$90,000,$ but only had a market value of $$50,000,$ due to obsolescence. The partnership also assumed a $$15,400$ note payable owed by Smith that was used originally to purchase the equipment.

Journalize the entry for Smith$$s contribution to the partnership. If an amount box does not require an entry, leave it blank.