EXERCISE 15-2 Partnership Transactions and Capital Statements LOS 106 Tom and Julie formed a management consulting partnership on January 1, 2019. The fair value of the net assets invested by each partner follows: Julie Tom $13,000 $12,000 Cash 8,000 6,000 Accounts receivable 2,000 800 Office supplies Office equipment 30,000 30,000 Land 5,000 2,000 Accounts payable 18,800 Mortgage payable During the year, Tom withdrew $15,000 and Julie withdrew $12,000 in anticipation of operating profits. Net profit for 2019 was $50,000, which is to be allocated based on the original net capital investment 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, 2014