On June 30, Allie Hayes and Mandy McKay formed a partnership. The women agree to invest equal amounts of capital. Hayes invests her proprietorship's assets and liabilities (credit balances in parentheses), as follows: On June 30, McKay invests cash in an amount equal to the current market value of Hayes' partnership capital. The partners decide that Hayes will earn two-thirds of partnership profits because she will manage the business. McKay agrees to accept one-third of the profits. During the remainder of the year, the partnership earns net income of $90,000. Hayes' drawings are $39,000, and McKay's drawings are $31,000. Requirements 1. Journalize the partners' initial investments, (pp. 600-601) 2. Prepare the partnership balance sheet immediately after its formation on June 30. (p. 601)