On December 31, 2020, Jim Auster and Mike Macy agree to combine their sole proprietorships into a partnership. Their balance sheets on December 31 are shown as follows Click on the icon to view the balance sheet.) Required D 1. Prepare the partnership balance sheet at December 31, 2020 in report format using two columns 2 Assume John Ablo wants to join the partnership by paying $216.000 for a 1/4 Interest The partnership equity before John joins is 5997000, and Jim Auster and Mike Macy shared profits 50 percent for Austin and 50 percent for Macy Prepare the journal entry to record Abled's admission to the partnership on January 1 3. What percentage of the profits wil John Able receive after becoming a partner? 2021 Requirement 1. Prepare the partnership balance sheet at December 31, 2020. in report format using two columns Auster and Macy Balance Sheet December 31, 2020 Assets Assets Cash Accounts receivable (net) Inventory Equipment (net) Auster's Business Current Market Book Value Value ...$ 32,000 $ 32,000 120,000 110,000 262,000 237,000 616,000 531,000 $ 1,030,000 S 910.000 Macy's Business Current Market Book Value Value $ 27,000 $ 27,000 50,000 177.000 187,000 276,000 306,000 16.000 S Total Assets 530,000 $ 565,000 Liabilities and Owner's Equity Accounts payable Accrued expenses payable $ 125,000 $ 125.000 A 55,000 55.000 $ 13.000 13.000 13000 13 000 Inventory 262,000 616,000 1,030,000 $ 237,000 531,000 177,000 276,000 187,000 306,000 Equipment (net) Total Assets $ 910.000 $ 530,000 $ 565,000 $ $ Liabilities and Owner's Equity Accounts payable Accrued expenses payable Notes payable Jim Auster, capital Mike Macy, capital 55,000 $ 13.000 125,000 $ 13,000 272,000 620.000 55,000 13,000 125,000 13,000 272,000 500,000 462.000 497,000 Total liabilities and equity $ 1,030 000 $ 910,000 $ 530,000 $ 565,000