On January 1, 2020, Ruben Ho and Clay Runnerup formed the Ruben and Clay Partnership by investing the following assets and liabilities in the business: An independent appraiser was hired to determine the current market values. Ruben and Clay agree to share profits and losses in a 40:60 ratio respectively. During the first year of operations, the business earned a net income of $47,000. Each partner withdrew $20,000cash. a) Prepare the journal entries to record the initial investments in the business by Ruben and Clay. b) Prepare a balance sheet dated January 1, 2020, after the completion of the initial journal entries