On March 1, 2048, Eric Keene and Ronon Wallace forma partnership. Koone agrown to invest $21.060 in cash and merchandise inventory vniued at $68,200 Watate Invento certain business assets at vatuations agreed upon, transfers business liabilities, and contributes suficient cash to bring her totul capital to $59,950. Details regarding the book viatues of the business assets and liabilities, and the agreed valuations, follow: Wallace's Ledger Balance $18.650 Agreed-Upon Valuation $17.770 1.950 Accounts Receivable Allowance for Doubtful Accounts 1.580 83.230 54,100 Equipment Accumulated Depreciation Accounts Payable Notos Payable current 30,260 14,010 14.910 35,970 35,970 The partnership Agreement includes the following provisions regarding the division of net income interest on original investments at 10%, salary allowances of 522,060 (Koone and $30,270 (Wale), and the remainder equally JOURNAL ALUNA DATE DESCRIPTION EGUITE POSTER DENT CHE ASSETS income of the 3. After adjustments at February 28, 2099, the end of the first full year of operations, the revenues were $283, 150 and expenses were $200, 500, for a net rcome of 50p, asoThe drawing accounts pavo debit balances of $27,000 Kenne) and $10,000 (Watace). sumalzethe entries to close the revenues and expenses and the drawing accounts at February 20 2078. Refer to the Chart of Accounts for exact wording of account tos at required, round your answers to two decimal places GE JOURNAL ACCOUNTING EQUATION DATE POSTE DIT ALLETS LES DESCRITION Closing the 2. Prepare a balance sheet as of March 1, 2078, the date of formation of the partnership of Koone and Watance. Retor to the Chart of Accounts and the lot of Label and Amount Descriptions provided for the exact wording of the answer choices for text entries Enter current assets in order of liquidity 14" "Ador, or cobra (automatically appear required Keone and Wallace Balance Shoot March 1, 2018 2 Usbe ok Show Me How Balance Sheet 5 6 7 3 (Label) 9 10 11 Liabilities 12 (Label 15 14 15 16 Partners' Equity 17 11 19