Problem 4 (20 points) Bill and Steve form a partnership. Following are the contributions each partner made to the partnership in exchange for capital on January 1, 2021. Bill contributes $30,000 cash and equipment with a fair value of $30,000. Steve contributes $20,000 cash and equipment with a fair value of $20,000. Journalize the contributions. a. b. On January 31, 2021, the revenues and expenses were closed to the income Summary account. The closing entries resulted in a credit balance of $100,000 in the Income Summary account. Journalize the closing of the Income Summary into the capital accounts. The partnership agreement specifies that the allocation of profits and losses should be based on the capital account ratio. C. On July 1, 2021 the partnership adds a new partner, Skip. Skip contributes $70,000 for a 40% share. Journalize the admission of the new partner. Bonuses are shared 50/50 between the original partners