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: (Click the icon to view the book and market values of the sole proprietorship.) (Click the icon to view additional information.) i More Info Read the requirements. Requirement 1. Journalize the partners' initial contributions. (Record debits first, then, credits. Select th Begin by journalizing the contribution made by Lawler. 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 profits because she will manage the business. Rennek agreed to accept 30% of the 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. Date Accounts and Explanation Debit Credit Mar. 15 Print Done Accounts Receivable Merchandise Inventory Prepaid Expenses Store Equipment, Net Accounts Payable Lawler's Business Book Value Current Market Value $ 12,800 $ 11,100 48,000 32,000 2,800 41,000 26,000 (25,000) (25,000) 3,300