Josh Beach and Craig Fox decided to form a partnership. Josh Beach contributed land, inventory, and $24,000 cash. The land had a carrying value of $65,000 and a market value of $114,000. The inventory had a carrying value of $60,000 and a market value of $56,000. The partnership also assumed a $50,000 note payable owed by Beach that was used originally to purchase the land.
Craig Fox contributed inventory with a carrying value of $100,000 and a market value of $94,000 and $50,000 cash.
Provide the journal entries for Beach's and Fox's contributions to the partnership.