Gentry, Sole Proprietor of a Hardware Business, Decides to Form

Gentry, sole proprietor of a hardware business, decides to form a partnership with Noel. Gentry's accounts are as follows:? $\begin{array}{lrr} & \text { Book Value } & \text { Market Value } \\\text { Cash } & \$ 25,000 & \$ 25,000 \\\text { Accounts Receivable (net) } & 52,000 & 45,000 \\\text { Inventory } & 112,000 & 125,000 \\\text { Land } & 40,000 & 100,000 \\\text { Buil ding (net) } & 300,000 & 340,000 \\\text { Accounts Payable } & 25,000 & 25,000 \\\text { Mortgage Payable } & 145,000 & 145,000\end{array}$ Noel agrees to contribute $80,000 for a 20% interest. Journalize the entries to record
(a) Gentry's investment and
(b) Noel's investment.