Ahmed, Ali and Aseel combined their proprietorships in March 2019 to start a partnership named AAA Partnership. The firm will specialize in retailing medical equipment. The partners had the following assets prior to the formation of the partnership. Aseel Ali 40,000 50,000 (15,000) Ahmed Cash 10,000 Equipment Accumulated Depreciation - Equipment Accounts Receivable 5,000 Allowance for Doubtful (1,000) Accounts (AFDA) The current market shows that the equipment has a fair value of $40,000 and after a discussion among the partners they agreed to have allowance for doubtful accounts of $500, and to share net income according to the following percentage 20%, 30% and 50%, respectively. Required: 1. Prepare the journal entries to record the investment of all partners. 2. Prepare the journal entries to record the division of the net income, assuming the net income was $90,000 and Ali had drawings of $5,000