On January 1, 2020, Simone Young and Teresa Harold formed a partnership. The partners agreed to invest equal amounts of capital. Harold invested her proprietorship's assets and liabilities (all accounts have normal balances) as follows: (Click the icon to view the book and market values of investments.) On January 1, 2020, Young invested cash in an amount equal to the current market value of Harold's partnership capital. The partners decided that Harold would earn two-thirds of partnership profits because she would manage the business. Young agreed to accept one-third of profits. During the remainder of the year, the partnership earned $276,000. Harold's withdrawals were $84,000, and Young's withdrawals were $58,000. Required Requirement 1. Journalize the partners' initial investments. Journalize the investment made by Teresa Harold. (Record debits first, then credits. Explanations are not required.) Journal Entry Date Accounts Debit Credit Dec 31 Requirement 1. Journalize the partners' initial investments. Journalize the investment made by Teresa Harold. (Record debits first, then credits. Explanations are not required.) Journal Entry Date Accounts Debit Credit Dec 31 Now journalize the investment made by Simone Young. Journal Entry Date Accounts Debit Credit Dec 31 Requirement 2. Prepare the partnership balance sheet immediately after its formation on January 1, 2020. Young and Harold Balance Sheet January 1, 2020 Assets Liabilities Capital Total liabilities and Total assets capital Requirement 3. Calculate the partners' Capital balances at December 31, 2020. Use the chart below to calculate the partners' Capital balances. (Round final answers to the nearest whole number.) Young and Harold Requirement 3. Calculate the partners' Capital balances at December 31, 2020. Use the chart below to calculate the partners' Capital balances. (Round final answers to the nearest whole number.) Young and Harold Partnership Balances December 31, 2020 Harold Young Total Beginning Balance Allocation of Net Income to Partners: Harold Young Withdrawals Ending Capital Balance Choose from any list or enter any number in the input fields and then continue to the next question. Harold's Current Book Value Market Value Accounts receivable $ 22,000 $ 20,000 Inventory 44,000 51,000 5,600 4,400 Prepaid expenses Office equipment Accounts payable 95,000 56,000 53,000 53,000