Please complete in excel

P12-26A Accounting for partner contributions, allocating profits and losses to the partners, preparing partnership financial statements Lorena Lally and Allie Raras formed a partnership on March 15, 2014. The partners agreed to contribute equal amounts of capital. Lally contributed her sole proprietor- ship's assets and liabilities (credit balances in parentheses) as follows: Lally's Business Book Value Current Market Value 10,600 $12,300 Accounts Receivable Merchandise Inventory 47,000 38,000 Prepaid Expenses 3,600 3,400 Store Equipment, Net 41,000 28,000 (24,000) Accounts Payable (24,000) On March 15, Raras contributed cash in an amount value of Lally's partnership capital. The partners decided that Lally will earn 70% of partnership profits because she will manage the business. Raras agreed to accept 30% of the profits. During the period ended December 31, the partnership earned net income of $74,000. Lally's withdrawals were $42,000, and Raras's withdrawals totaled $22,000 equal to the current market TC Requirements 1. Journalize the partners' initial contributions 2. Prepare the partnership balance sheet immediately after its formation 15, 2014 on March 3. Journalize the closing of the Income Summary and partner Withdrawal ac December 31, 2014. Counts on