On December 31, 2020, Jim Aybar and Mike Mass 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 1. Prepare the partnership balance sheet at December 31, 2020, in report format using two columns 2. Assume John Akers wants to join the partnership by paying $216,000 for a 1/4 interest. The partnership equity before John Joins is $1,000,000, and Jim Aybar and Mike Mass shared profits 50 percent for Austin and 50 percent for Mass. Prepare the journal entry to record Akers's admission to the partnership on January 1, 2021 3. What percentage of the profits will John Akers receive after becoming a partner? 0 Balance sheet Aybar's Business Current Market Book Value Value Mass's Business Current Market Book Value Value Assets Cash $ 32,000 $ $ 116,000 Accounts receivable (net) Inventory Equipment (net) 32,000 106,000 236,500 537,000 27,000 $ 46,000 176,500 282,000 27,000 41,000 186,500 312,000 261,500 622.000 Total Assets 1,031,500 $ 911,500 $ 531,500 $ 566,500 Liabilities and Owner's Equity Accounts payable $ 124.000 $ 124.000 $ 53,000 $ 153,000 mod Print Done - X Balance sheet WIVOTOTY or Louvo TU Torrow 622,000 Equipment (net) 537.000 282,000 312,000 $ 1,031,500 $ 911,500 Total Assets $ 531,500 $ 566,500 $ 53,000 $ 13,000 53,000 13,000 Liabilities and Owner's Equity Accounts payable Accrued expenses payable Notes payable Jim Aybar, capital Mike Mass, capital 124.000 $ 13,000 275,000 619.500 124,000 13,000 275,000 499,500 465,500 500,500 $ 1.031,500 $ 911,500 531,500 $ 566,500 Total liabilities and equity mod Print Done