April and May formed a partnership on January 1, 2011. April contributed $180,000 cash and equipment with a market value of $80,000 with a loan note payable of $40,000. May's investment consisted of $60,000 in cash, $60,000; inventory, $40,000; all at market values. The partnership made a net income of $80,000 for 2011.
Required: Prepare the journal entry to record the formation of the partnership on January 1, 2011