PART 1 On January 1, 2020, Harry, Ron and Hermione formed a partnership by all contributing cash. Harry contributed $45,000, Ron contributed $20,000 and Hermione contributed $35,000. According to the partnership agreement, the partners decide to share the profits and losses as follows: All three partners receive a salary allowance of $85,000 No interest allowances are distributed All remaining profits and losses are distributed: Harry -40%, Ron - 15%, Hermione - 45% On December 31, 2020, the partnership's first year-end, the company had a profit of $315,000. Required: 1. Prepare the journal entries on January 1, 2020 to establish the partnership. 2. Complete the partnership income allocation table in order to determine how the $315,000 profit for 2020 will be distributed amongst the partners. 3. Prepare the journal entries on December 31, 2020 to distribute the profits. 4. Update the partners individual partners T-accounts. PART 2 On January 2, 2021, Ron decides to leave the partnership and agrees to accept $100,000 cash from the partnership upon his departure. According to the partnership agreement, any bonuses to the remaining partners should be divided 50:50. Required: 1. Prepare the journal entry on January 2, 2021 to record Ron's withdrawal from the partnership. Use the balance in Ron's capital account calculated above to determine if anyone is receiving a bonus in this situation