Data table Levine's Business Current Market Book Value Value Accounts Receivable 12,000 $ 11,100 Merchandise Inventory 42,000 33,000 Prepaid Expenses 3,300 2,600 Store Equipment, Net 37,000 29,000 Accounts Payable (20,000) (20,000) Print Done More info - On March 15, Rourke contributed cash in an amount equal to the current market value of Levine's partnership capital. The partners decided that Levine will earn 70% of partnership profits because she will manage the business. Rourke agreed to accept 30% of the profits. During the period ended December 31, the partnership earned net income of $77,000. Levine's withdrawals were $47,000, and Rourke's withdrawings totaled $20,000. Print Done Accounts Payable Accounts Receivable Cash Income Summary Levine, Capital Levine, Withdrawals Merchandise Inventory Prepaid Expenses Rourke, Capital Rourke, Withdrawals Store Equipment Levine and Rourke formed a partnership on March 15, 2024. The partners agreed to contribute equal amounts of capital. Levine 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 Levine. Date Mar. 15 Accounts and Explanation Debit Credit Now journalize the contribution made by Rourke. Date Mar. 15 Accounts and Explanation Debit Credit Accounts Payable Accounts Receivable Cash Levine, Capital Merchandise Inventory Prepaid Expenses Rourke, Capital Store Equipment 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.) Levine and Rourke 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 Dec. 31 Accounts and Explanation Debit Credit Now journalize the closing of the partner Withdrawal accounts on December 31. Date Dec. 31 Accounts and Explanation Debit Credit