Lawson and Riello formed a partnership on March 15, 2024. The partners agreed to contribute equal amounts of capital. Lawson 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.) Read the requirements. Data table 7. credits, Select the explanation on More info On March 15, Riello contributed cash in an amount equal to the current market value of Lawson's partnership capital. The partners decided that Lawson will earn 60% of partnership profits because she will manage the business. Riello agreed to accept 40% of the profits. During the period ended December 31 , the partnership earned net income of $74,000. Lawson's withdrawals were $36,000, and Riello's withdrawings totaled $28,000. Lawson and Riello formed a parthership on March 15, 2024. The partners agreed to contribute equal amcunts of capitat. Requirement 1. Joumalize the partners' initial contrbutions. (Record debits first, then, credits. Select the explanaion on the last line of the journal entry table.) Begin by joumalizing the contribution made by Lawson. Now journalize the contribution made by Riello. Requirement 2. Prepare the partnership balance sheet immedately after its formation on March 15, 2024. (If a box is not. used in the table leave the box empty; do not select a label or enter a zero.) Requirement 3. Journalize the closing of the Income Summary and partner Withdrawal accounts on December 31,2024. (Prepare compound entries, Record debits first, then, credits. Select the explanation on the last line of the joumal entry table.) Begin by closing the Income Summary account on December 31. Now journalize the closing of the partner Withdrawal accounts on December 31