Investment by Lin Accounts receivable Inventory Office equipment Accounts payable Balances on Lin's Records 87 600 11 400 14 300 24 800 Agreed Value 87 600 12 800 9.000 24 800 Instructions: a. Draft entries (in general journal form) to record the investments of Li and Lin in the new partnership. b. Prepare the beginning balance sheet of the partnership (in report form) at the close of business July 1, reflecting the above transfers to the firm. c. On the following June 30 after one year of operation, the Income Summary account showed a credit balance of 74 000 yuan and the Drawing account for each partner showed a debit balance of 31 000 yuan. Prepare journal entries to close the Income Summary account and the drawing accounts at June 30. The partnership of Li and Lin was formed on July 1, when Li and Lin agreed to invest equal amounts and to share profits and losses equally. The investment by Li consists of 30 000 yuan of cash and an inventory of merchandise valued at 56 000 yuan. Lin is also to contribute a total of 86 000 yuan. However, it is agreed that his contribution will consist of the following assets of his business along with the transfer to the partnership of his business liabilities. The agreed values of the various items as well as their carrying values on Lin's records are listed below. Lin also contributes enough cash to bring his capital account to 86 000 yuan