How to prepare a journal entry for partnership?

Jake and Lori formed a partnership and invested the following assets and liabilities:
Jake:
CASH- fair market value = 300 000
carrying value- 300 000
LAND- fair market value= 450 000
carrying value= 280 000

Lori:
CASH- fair market value= 100 000
carrying value= 100 000
BUILDING- fair market value= 600 000
carrying value= 520 000
MORTGAGE PAYABLE- fair market value= (400 000)
carrying value = (400 000)
THE PARTNERS WILL SHARE PROFITS AND LOSSES EQUALLY.

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