Brad Simmons, Sole Proprietor of a Hardware Business, Decides to Form

Brad Simmons, sole proprietor of a hardware business, decides to form a partnership with Rich Winter. Brad's accounts are as follows:​ $\begin{array}{lrr} & \text { Book Value } & \text { Market Value } \\\text { Cash } & \$ 30,000 & \$ 30,000 \\\text { Accounts Receivable (net) } & 55,000 & 45,000 \\\text { Inventory } & 112,000 & 135,000 \\\text { Land } & 40,000 & 100,000 \\\text { Buil ding (net) } & 500,000 & 540,000 \\\text { Accounts Payable } & 25,000 & 25,000 \\\text { Mortgage Payable } & 125,000 & 125,000\end{array}$ Rich agrees to contribute $170,000 for a 20% interest. Journalize the entries to record
(a) Brad's investment and
(b) Rich's investment.