Accounting for partner contributions, allocating profits and losses to the partners, preparing partnership financial statements Lorena Lilly and Allic Raras formed a partnership on March 15. 2014. I he partners agreed to contribute equal amounts of capital. Lally contributed her sole proprietor-sips assets and liabilities (credit balances in parentheses) as follows: On March 15, Raras contributed cash in an amount equal to the current market value of Lally's partnership capital. The partners decided that Lai ywi cam o of partnership profits because she will manage the business. Raras agrcci to accept 30% of the profits. During the period ended December 31. the partners ip earn net income of S74.000. Lally's withdrawals were $42,000, and Rarass withdrawals totaled 522,000. Journalize the partners' initial contribution Prepare the partnership balance sheet after its formation on March 15. 2014. Journalize the closing of the Income Summary and partner Withdrawal accounts on December 31, 2014