Use the below information to journalize the formation of the partnership.

Fair Value of Items Contributed to Partnership (FMV=Basis) on March 1, 2014
Assets, Liabilities & Equities	S	P	L	I	T
Cash	$10,000	$25,000	$25,000	$25,000	$25,000
AR	$15,000				$10,000
Inventory			$15,000	$15,000	$15,000
Land	$60,000
Furniture		$30,000
Less: Accumulated Depreciation
Computer			$5,000
Less: Accumulated Depreciation
Building				$50,000
Total Assets	$85,000	$55,000	$45,000	$90,000	$50,000
AP	$0	$0	$15,000	$0	$0
Loan-L	$0	$5,000	$0	$0	$0