On December 31, 2024, Dacres and Gong agree to combine their sole proprietorships into a partnership. Their balance sheets on December 31 are shown as follows: .. Requirement 1. Journalize the contributions of Dacres and Gong to the partnership (Record debits first, then, credits. Select explanations on the last line of the journal entry table.) Journalize the contribution of Dacres Date Accounts and Explanation Debit Credit Dec. 31 Cash Merchandise Inventory 13,000 50,000 107,000 20,000 Plant Assets Accounts Receivable 29.000 Accounts Payable Other Accrued Payables Notes Payable 14,000 51,000 Dacres, Capital 96,000 To record Dacres' contribution Journalize the contribution of Gong Date Accounts and Explanation Debit Credit Dec. 31 Cash 11,000 11,000 33,000 Accounts Receivable Merchandise Inventory Plant Assets Accounts Payable Gong, Capital 49,000 13,000 91,000 To record Gong's contribution Requirement 2. Prepare the partnership balance sheet at December 31, 2024. (If a box is not used in the table leave the box empty, do not select a label or enter a zero.) Dacres and Gong Balance Sheet Dacres's Business Gong's Business Current Current Market Book Value Market Value Book Value Value December 31, 2024 Assets Assets $ 13,000 $ 13,000 $ 11,000 $ 11,000 Cash Cash Accounts Receivable Merchandise Inventory 20,000 Accounts Receivable 22,000 56,000 125,000 50,000 13,000 33,000 45,000 11,000 33,000 49,000 Merchandise Inventory 107 000 Plant Assets, Net Plant Assets, Net $ 216,000 $ 190,000 $ 102,000 $ 104,000 Total Assets Liabilities and Owner's Equity $ 29,000 $ 29,000 $ 13,000 $ 13,000 Accounts Payable Other Accrued Payables 14,000 14,000 Total Assets 51,000 51,000 Notes Payable Dacres, Capital 122,000 ? 89,000 ? Gong, Capital Help me solve this Etext pages Get more help $ 216,000 $ 190,000 $ Total Liabilities and Owner's Equity 102,000 $ 104,000