III.EXCERSICES Ex. 1 Kim Mndez and Lolo Howell have formed the CLO Partnership, and have capital balances of S65,000 and $50,000, respectively, on January 1, 2019. On June 1, 2019, Howell invested an additional $15,000. Also during the year, Mndez withdrew $30,000 and Howell withdrew $24,000. Sales for the year amounted to $180,000 and expenses were $120,000. Mndez and Howell share income and losses on a 3:1 basis. Instructions (a) (b) Prepare the closing entries at December 31, 2019, for the CLO Partnership. Prepare a partners' capital statement for 2019. Ex. 2 Kline, Riser, and Stone share income on a 6:3:1 basis. They have capital balances of $50,000, $40,000, and $24,000, respectively, when Howard is admitted to the partnership. Instructions Prepare the journal entry to record the admission of Howard into the partnership if Howard purchases one-half of Kline's equity for $30,000; one-half of Riser's equity for $15,000; and one-third of Stone's equity for $12,000