Continuing Problem P12-40 Accounting partners, accounting for withdrawal of a partner for partner contributions,allocating profits and losses to the This problem is related to the Canyon Canoe Company situation started in Chapter 1 Wilson, Turner, and White deaide to form a T shrt design partnership. Amber Wilson figures this T-hirt design business will help her other company, Canyon Canoe Company with any T-shirt design needs. Additionally. Tuner and White have connections with many companies and can expand and grow this new partnership. Each of the three partners contnbutes $12000 cash to start up the WTW partnership They agree to share profits in two steps. First, Turner will receive $11,000 and White will receive $16,000 because they will do most of the graphic design work Any remaining profits or losses will be shared 1:23 respectively for Wilson, Turner, and White. The business starts on January 1, 2019 On December 31,2019, the business posted a loss of $12,000. Wison decides to withdraw from the partnership on December 31, 2019 Tumer and White agree to give Wilson $4,000 for her equity interest Requirements 1. Journalize the contribution of the partners in the partnership on January 1, 2019 2. Journalize the allocation of the loss from the Income Summary account 3. Journalize the withdrawal of Wilson as a partner on December 31, 2019 4. Calculate the ending balances in Turner and VWhite's capital accounts