Tammie Pike and Gail Smith agree to combine their businesses and form a partnership. The fair value and the carrying amount of the assets contributed by each partner and the liabilities assumed by the partnership are shown below:

	Tammie Pike							Gail Smith
	Carrying amount				Fair value			Carrying amount				Fair value
Cash at bank Accounts receivable Inventory Equipment Accumulated depreciation – equipment Accounts payable	$	6 200 12 800 22 000 72 000 (18 600 13 400	)		$	6 200 12 800 21 500 48 000 — 13 400		$	5 800 11 400 18 500 75 000 (26 500 12 800	)		$	5 800 11 400 18 300 32 000 — 12 800

Required

Prepare separate journal entries to record the initial investment of each partner, assuming assets are recorded by the business to reflect their purchase price, and the arrangement is GST-free.