4) Accounting for partner contributions, allocating profits and losses to the partners, preparing partnership financial statements. Washington and Jacobs formed a partnership on March 15, 2018. The partners agreed to contribute equal amounts of capital. Washington contributed her sole proprietorship's assets and liabilities (credit balances in parentheses) as follows: On March 15, Jacobs contributed cash in an amount equal to the current market value of Washington's partnership capital. The partners decided that Washington will earn 60% of partnership profits because she will manage the business. Jacobs agreed to accept 40% of the profits. During the period ended December 31 , the partnership earned net income of $72,000. Washington's withdrawals were $36,000, and Jacobs's withdrawals totaled $26,000. Requirements 1. Journalize the partners' initial contributions. 2. Prepare the partnership balance sheet immediately after its formation on March 15 , 2018. 3. Journalize the closing of the Income Summary and Partner Withdrawal accounts on December 31, 2018