Coca-Cola produces three products: Soda, Juice, and Water. The total direct labor cost for the three products is $2,400,000, and the direct labor hours are 60,000. Calculate the direct labor rate per hour. Soda uses 15,000 labor hours, Juice uses 20,000 labor hours, and Water uses 25,000 labor hours. Determine the direct labor cost assigned to each product. Prepare the balance sheet after the formation of the partnership.