P-F:12-32B Accounting for partner contributions, allocating profits and losses Learning objectives 2,3 to the partners, preparing partnership financial statements Lincoln and Rafferty formed a partnership on March 15, 2024. The partners agroed 2. Lincoin, Capital 545,300 to contribute equal amounts of capital. Lincoln contributed her sole proprictonhipy assets and liabilities (crodit balances in parentheres) as follows: On March 15, Rafferty contributed cash in an amount equal to the current market, value of Lincolnk partnership capital. The partners decided that Lincoln will earn 60% of partnenhip profits because she will manuge the business. Rafferty agreed to accept 40% of the profits. During the period ended December 31, the parmenhip earned net incone of $72,000. Lincoln' withdrawals were $36,000, and Rafferty's withdrawals totaled $26,000. Requirements 1. Joumalue the partners' initial contributions. 2. Prepare the partnenhip balance sheet immediardy after its formation on March 15 , 2024. 3. Joumalue the dosing of the Income Summary and partner Withdrawal accounts on December 31, 2024