EXERCISE 15-2 Partnership Transactions and Capital Statements L05 L06 Tom and Julie formed a management consulting partnership on January 1, 2008. The fair value of the net assets invested by each partner follows: Tom Julie Cash Accounts receivable Office supplies Office equipment Land Accounts payable Mortgage payable $13,000 8,000 2,000 30,000 $12.000 6,000 800 2,000 30,000 5,000 18.800 During the year, Tom withdrew $15,000 and Julie withdrew $12,000 in anticipation of operat- ing profits. Net profit for 2008 was $50,000, which is to be allocated based on the original net capital investment. Exercises 807 Required: A. Prepare journal entries to: (1) Record the initial investment in the partnership. (2) Record the withdrawals. (3) Close the Income Summary and Drawing accounts. B. Prepare a statement of changes in partners' capital for the year ended December 31, 2008