(Eitox. the ison to view aditions infomestion ) Data table More info On March 15. Rereek contribused cash in an amount equat to the current manket valas of Leng's partnership capital. The parthers decided that Leng will aant 60% of partronsip profts becavse she wit manage the buiness. Pennek ayreed to accept 40 pi of the profias, During the period ended December 31, the purthirship eamed net income of 571,000 . Leog t withdrawals Wese 396,000 , and Fuennek's withdrwings totaled $27,000. Requirement 1. Joumalize the parthers' intial contributons. (Record debits first, then, credts. Solect the explacation on the last line of the journal entry table. Begin by journafzing the contribution made by Long: Now icarnatize the contribution made by Rennek. \begin{tabular}{l} Long and Reonek \\ B.lance Sheet \\ March 15,2024 \\ \hline Assets \\ \hline Totw Assots \end{tabular} Requirement 3. Joumalize the closing of the Income Summary and partner Withdrawal accounts on December 31, 2024, (Prepare compound ontries. Rocoed debits first, then, credts. Seiect the explanation on the last line of the journal entry table.) Begin by closing the Income Sumvtary account on December 31