Problem 12-1A Cash Vince Sharma and Klaus Warsteiner formed a partnership on January 1, 2017. The partners 2 agreed to invest equal amounts of capital. Sharma invested his proprietorship's assets andNoncas liabilities (all accounts have normal balances): partners Liabiliti 252.000 K. Santi Sharma'sCurrent Market Value R. Asto J. Cami Book Value K. Sant $20,000 $24,000 Accounts receivable.. R. Asto 62,000 86,000 Inventory... Prepaid expenses... Store equipment.. Accountspayabil. J. Cam 12,000 13,000 Reven 52,000 72,000 Expen 40,000 40,000 Totals On January 1, Warsteiner invested cash in an amount equal to the current market value of Sharma's partnership capital. The partners decided that Sharma would earn 70 pr Requis cent of partnership ness. Warsteiner agreed to nt of profits. During the period ended December 31,2017, the partnership Warsteiner's withdrawals were $128,000 and Sharma's withdrawals were profits because he would manage the bus 1. Pre Wit ear $172,800. 2. Usi clos ting for Partnerships and Corporate Transactions Required 1. Journalize the partners initial ihvestments. 2. Prepare the partnership betance sheet immediately after its formation on January 1, 2017. 3. Calculate the partners' Capital balances on December 31, 2017