Max Baer and Jimmy Choo are two proprietors who decide to merge their businesses into a partnership on January $1,2024.$ The assets each contributed to the partnership are as follows: Max BaerJimmy Choo Book ValueFair ValueBook ValueFair ValueCash$$3,000$$$3,000$$$500$$$500$Accounts receivable$8,0007,50000$Allowance for doubtful accounts$(500)00$Equipment $30,00010,000$Accumulated depreciation equipment $(18,000)$ During the year ended December $31,2024,$ the business, Bear$-$Chew Pet Services, had revenues of $$180,000,$ rent expenses of $$12,000,$ depreciation expense of $$2,500,$ and other operating expenses of $$8,400.$ Other than depreciation expense, all revenues and expenses incurred by the business were for cash. As well, cash of $$7,500$ was collected on the accounts receivable, with the remainder of the accounts receivable written off. The partnership agreement specifies that Max and Jimmy will share the partnership profit equally. During the year, Max withdrew $$40,000$ for personal use, and Jimmy withdrew $$28,000.$ Instructionsa$)$Prepare the journal entry to record the two partners contributions on January $1,2024.$b$)$Prepare the partnerships income statement, statement of partners equity, and balance sheet at December $31,2024.$