Journalizing Partner's Original Investment Austin Fisher contributed land, inventory, and $34,000 cash to a partnership. The land had a book value of $84,000 and a market value of $162,000. The inventory had a book value of $67,600 and a market value of $62,900. The partnership also assumed a $60,000 note payable owed by Fisher that was used originally to purchase the land.
Provide the journal entry for Fisher's contribution to the partnership.
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