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Information Each of the three partners contributes $24,000 cash to start up the WTW partnership. They agree to share profits in two steps. First, True will receive $9,000 and Wapple will receive $12,000 because they will do most of the graphic design work. Any remaining profits or losses will be shared 1:2:3, respectively for Wizard, True, and Wapple. The business starts on January 1, 2026. On December 31,2026 , the business posted a loss of $9,000. Wizard decides to withdraw from the partnership on December 31,2026. True and Wapple agree to give Wizard $16,500 for her equity interest. Wizard, True, and Wapple decide to form a T-shirt design partnership. Andrea Wizard figures this T-shirt design business will help her other company, Wicked Wild Company, with any T-shirt design needs. Additionally, True and Wapple have connections with many companies and can expand and grow this new partnership. Requirement 3. Journalize the withdrawal of Wizard as a partner on December 31, 2026. (Prepare a single compound entry for this transaction. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Requirements 1. Journalize the contribution of the partners in the partnership on January 1,2026. 2. Journalize the allocation of the loss from the Income Summary account. 3. Journalize the withdrawal of Wizard as a partner on December 31, 2026. 4. Calculate the ending balances in True and Wapple's capital accounts. many companies and can expand and grow this new partnership. View the additional information