Lawler and Rennek formed a partnership on March 15, 2018. The partners agreed to contribute equal amounts of capital. Lawler contributed her sole proprietorship's assets and liabilities (credit balances in parentheses) as follows: E (Click the icon to view the book and market values of the sole proprietorship.) i (Click the icon to view additional information.) i More Info i Data Table Read the requirements. Date Accounts and Explanation Debit Credit On March 15, Rennek contributed cash in an amount equal to the current market value of Lawler's partnership capital. The partners decided that Lawler will earn 70% of partnership Mar. 15 Cash 46,900 profits because she will manage the business. Rennek agreed to accept 30% of the Rennek, Capital 46,900 profits. During the period ended December 31, the partnership earned net income of $76,000. Lawler's withdrawals were $38,000, and Rennek's withdrawings totaled $21,000. Accounts Receivable Print Done Merchandise Inventory To record Rennek's contribution Prepaid Expenses Requirement 2. Prepare the partnership balance sheet immediately after its formation on March 15, 2018. (If a box is not used in the table leave the box empty do not select a label or enter a zero.) Store Equipment, Net Accounts Payable Lawler and Rennek Balance Sheet March 15, 2018 i Requirements Assets Liabilities Lawler's Business Book Value Current Market Value $ 12,800 $ 11,100 48,000 32,000 3,300 2,800 41,000 26,000 (25,000) (25,000) Done Partners' Equity 1. Journalize the partners' initial contributions. 2. Prepare the partnership balance sheet immediately after its formation on March 15, 2018 3. Journalize the closing of the Income Summary and partner Withdrawal accounts on December 31, 2018. Print Print [Done Total Partners' Equity Total Liabilities and Partners' Equity Total Assets