Mohammed and Ali agree to establish a new partnership, The partners have been agreed that Mohammed paid the amount cash. And they also agreed that Ali transfer his own business according to the following balance sheet: Land Accounts receivable Inventory Total Account Payable Capital 2,000 16,000 4,000 12,000 2,000 18,000 18,000 The fair value of land 10% more than book value the fair value of Accounts receivable is 10.000$, the fair value of inventory is 5% less than book value, accounts payable fair value 300$ more than book value ,Mohammed paid cash have of Ali net assets fair value Instructions: 1) Determine Mohammed and Ali capital. (4 Points) 2) Prepare the journal entries to establish the new partnership. (4 Points)