On January 1, 2020, Stara Yang and Tasha Harold formed a partnership. The partners agreed to invest equal amounts of capital. Harold invested her proprietorships and abilities (all accounts have noma balances) as follows Click the loon to view the book and market values of investments) On January 1, 2020. Yarg invested cash in an amount equal to the current market value of Harold's partnership capital. The partners decided that Harold would cam two-thirds of partnership profits because she would manage the business. Yang agreed to accept one-third of profits. During the remainder of the year, the partnership earned $277.000. Harold's withdrawals were $84,000, and Yang's withdrawals were $64.000 Recured Requirement 1. Joumalize the partners initial investments Jourmaline the investment made by Tasha Harold Record debits first, then credits. Explanations are not required) Journal Entry Det Accounts Credit Date Dec 31 Now outralize the investment made by Svitlana Yang number in the input fields and then continue to the next question Now journalize the investment made by Svitlana Yang, Journal Entry I Date Accounts Debit Credit Dec 31 Requirement 2. Prepare the partnership balance sheet immediately after its formation on January 1, 2020. Yang and Harold Balance Sheet January 1, 2020 Assets Liabilities Capital Total assets Total liabilities and capital finden than nontinue to the novetinn manage the business. Yang agreed to accept one-third of profits. During the remainder of the year, Required Use the chart below to calculate the partners' Capital balances. (Round final answers to the nearest whole number.) Yang and Harold Partnership Balances December 31, 2020 Harold Yang Total Beginning Balance Allocation of Net Income to Partners: Harold Yang Withdrawals Ending Capital Balance Tasha Harold formed a partnership. The partners agreed to invest equal amounts of capital. Harold invested her proprietorship's assets and nd market values of investments.) h in an amount equal to the accept one-third of profits. D rold would earn two-thirds of pa wals were $84,000, and Yang's Investments s'initial investments asha Harold. (Record debits Journal Entry Harold's Current Book Value Market Value $ 22,000 $ 21,000 52,000 57.000 5,400 4,600 94,000 59,000 52.000 52,000 Accounts receivable Inventory Prepaid expenses Office equipment Accounts payable Accounts Print Done made by Svitlana Yang any number in the input fields and then continue to the next question % $ 4 & 7 6 8 3 9 E R T Y U G D F H . J K V C B . M N 6 of 10 (7 complete) Th formed a partnership. The partners agreed to invest equal amounts of capital. Harold invested her proprietorship's assets and liabilities walues of investments.) munt equal to the current market value of Harold's partnership capital. The partners decided that Harold would earn two-thirds of partnershipp third of profits. During the remainder of the year, the partnership eamed $277,000. Harold's withdrawals were $84,000, and Yang's withdrawal Required astments (Record dd Entry 1. Journalize the partners' Initial investments 2. Prepare the partnership balance sheet immediately after its formation on January 1, 2020 3. Calculate the partners' Capital balanons at December 31, 2020 Print Done na Yang in the input fields and then continue to the next question 888 A $ 4 & 7 9 8 O 5 6 O U E Y T R H G J. L K F N M V B C
