Groucho, Harpo, and Chico form a partnership on January 1, 2018. Groucho contributes $40,000, Harpo $40,000, and Chico $20,000 to a business called Marx Brothers' Partnership. On a monthly basis, each partner is allocated income and is allowed to receive cash from the business in proportion to the capital they provided. Assume that Groucho receives $3,000 cash per month. Required: a-d. Prepare the journal entry for the following transactions: ) The initial investment. (1) The monthly distribution amounts for each of the three partners. (ii) The allocation of an annual net income of $48,000. For purposes of this journal entry, assume Sales Revenue totaled $72,000 and that all expenses, totaling $24,000, were recorded in a single account called Operating Expenses. (iv) The closing of the drawings accounts at the end of the year. e. Prepare a statement of Partners' Equity (assume no additional investments made). Complete this question by entering your answers in the table below. Required A to D Required E Prepare the journal entry for the following transactions: (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) (i) The initial investment. (i) The monthly distribution amounts for each of the three partners. (iii) The allocation of an annual net income of $48,000. For purposes of this journal entry, assume Sales Revenue totaled $72,000 and that all expenses, totaling $24,000, were recorded in a single account called Operating Expenses. (iv) The closing of the drawings accounts at the end of the year. Show less Journal entry worksheet Record the entry for the initial investment. Note: Enter debits before credits. General Journal Debit Credit Transaction 1 Record entry Clear entry View general journal Journal entry worksheet Record the entry for the monthly distribution. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 Record entry Clear entry View general Journal Journal entry worksheet Journal entry worksheet