On April 30, 2021, Jupiter and Mars formed a partnership. The partners agreed to invest equal amounts of capital. Jupiter invested his proprietorships assets and liabilities as follows: Account Accounts Receivable Allowance for Bad Debts Merchandise Inventory Prepaid Expenses Office Equipment Accumulated Depreciation Accounts Payable Book Value $72,000 0 223,400 17,000 459,000 153,000 191,000 Fair Value $72,000 10,500 241,000 17,000 276,000 0 191,000 On April 30, Mars invested cash in an amount equal to the current market value of Jupiter's partnership capital. Answer: a. Prepare the journal entries to record the partner's initial investment in the new partnership. b. Prepare the partnerships statement of financial position immediately after its formation on April 30, 2021