Data table Accounts Receivable Merchandise Inventory Prepaid Expenses Store Equipment, Net Accounts Payable Print Lawson's Business Book Value Current Market Value 10,500 38,000 3,100 27,000 (26,000) 12,200 $ 49,000 3,300 40,000 (26,000) Done X More info On March 15, Rollin contributed cash in an amount equal to the current market value of Lawson's partnership capital. The partners decided that Lawson will earn 60% of partnership profits because she will manage the business. Rollin agreed to accept 40% of the profits. During the period ended December 31, the partnership earned net income of $80,000. Lawson's withdrawals were $39,000, and Rollin's withdrawings totaled $20,000. Print Done X Lawson and Rollin formed a partnership on March 15, 2024. The partners agreed to contribute equal amounts of capital. Lawson contributed her sole proprietorship's assets and liabilities (credit balances in parentheses) as follows: (Click the icon to view the book and market values of the sole proprietorship.) i (Click the icon to view additional information.) Read the requirements. Requirement 1. Journalize the partners' initial contributions. (Record debits first, then, credits. Select the explanation on the last line of the journal entry table.) Begin by journalizing the contribution made by Lawson. Date Accounts and Explanation Debit Credit Mar. 15 Now journalize the contribution made by Rollin. Date Debit Credit Mar. 15 Accounts and Explanation Requirement 2. Prepare the partnership balance sheet immediately after its formation on March 15, 2024. (If a box is not used in the table leave the box empty; do not select a label or enter a zero.) Lawson and Rollin Balance Sheet March 15, 2024 Assets Liabilities Partners' Equity Total Assets Total Partners' Equity Total Liabilities and Partners' Equity Requirement 3. Journalize the closing of the Income Summary and partner Withdrawal accounts on December 31, 2024. (Prepare compound entries. Record debits first, then, credits. Select the explanation on the last line of the journal entry table.) Begin by closing the Income Summary account on December 31. Date Accounts and Explanation Debit Credit Dec. 31 Now journalize the closing of the partner Withdrawal accounts on December 31. Date Accounts and Explanation Debit Credit Dec. 31