On January 2, 2018, John and Jane drafted a partnership agreement to create a new partnership. The following items were contributed by each of the partners John Jane
Cash $40,000 $60,000
Inventory 10,000
Building 180,000
Equipment 60,000

The building is subject to a mortgage of $50,000 which the partnership has assumed. The partnership agreement specifies that each partner receives 10% interest on his beginning capital balance. John receives an annual salary of $15,000: Jane receives an annual salary of $20,000. The residual profit or loss is divided using a 2:3 ratio which 2 parts assigned to John and 3 parts assigned to Jane. During 2018 the partnership had income of $185,000. Assume there were no drawings during 2018.

Required:
Record the journal entry for each partner's contribution to the partnership.