On August $1,$ Nola and Verna decide to form an engineering and design partnership. Of

the following items shown below, Nola invested the assets and the partnership assumed

the liabilities:

Fair Value

Accounts receivable $12,500$

Land $160,000$

Building $9,000$

Accounts payable $6,000$

Notes payable $110,000$

Verna invested $$40,000$ in cash and $$25,000$ in equipment.

Required: Prepare two journal entries to record the partners' investments in the

partnership. $($One journal entry for Nola and one for Verna$)$