Partnership Transactions and Capital Statements LO 5 LO 6 Tom and Julie formed a management consulting partnership on January 1, 2019. The fair value of the net assets invested by each partner follows: During the year, Tom withdrew $15,000 and Julie withdrew $12,000 in anticipation of operating profits. Net profit for 2019 was $50,000, which is to be allocated based on the original net capital investment. Required: A. Prepare journal entries to: 1. Record the initial investment in the partnership. 2. Record the withdrawals. 3. Close the Income Summary and Drawing accounts. B. Prepare a statement of changes in partners' capital for the year ended December 31, 2014. Partnership Transactions and Capital Statements LO 5 LO 6 Tom and Julie formed a management consulting partnership on January 1, 2019. The fair value of the net assets invested by each partner follows: During the year, Tom withdrew $15,000 and Julie withdrew $12,000 in anticipation of operating profits. Net profit for 2019 was $50,000, which is to be allocated based on the original net capital investment. Required: A. Prepare journal entries to: 1. Record the initial investment in the partnership. 2. Record the withdrawals. 3. Close the Income Summary and Drawing accounts. B. Prepare a statement of changes in partners' capital for the year ended December 31, 2014