Ed Hidalgo and Carrie Lewis form a partnership on May 1, 202X. Hidalgo contributes $39,000. Lewis contributes $30,000 cash and land with a historical cost of $18,500 and a current fair value of $30,500. A $32,000 note payable due to Lewis is assumed by the new partnership. Please prepare the journal entries to record Hidalgo’s and Lewis’s investment in the partnership.