Question 3 (15 scores) Groucho, Harpo, and Chico go into partnership on January 1, 2015. Groucho contributes $90,000, Harpo $70,000, and Chico $40,000 to a business called Marx Brothers'Partnership. On a monthly basis, each partner is allocated income and is allowed to receive cash from the business in proportion to the capital they provided. Assume that Groucho receives $2,700 cash per month. Required: Part a. Prepare the journal entry for the initial investment. Part b. Determine the monthly distribution amounts for each of the three partners. Part c. Prepare the journal entry that would be made in one month for the mor distribution Part d. Prepare the journal entry for the allocation of an annual net income of $84,000 purposes of this journal entry, assume Sales Revenue totaled $116,000 and that all exp totaling $32,000, were recorded in a single account called Operating Expenses. Part e. Prepare the journal entry to close the Drawings accounts at the end of the year Part f. Prepare a Statement of Partners' Equity (assume no additional investments ma Question 4 (40 scores) Condensed financial data of Monopoly Corporation appear below: Monopoly Corporation Comparative Balance Sheet December 31 Current, Year Pri Ye Assets