Question for E 16-19 and E 16-20 on the picture below

E 16-19 Statement of partner's capital Financial information for the Park, Lee, and Jeon partnership for 2016 is summarized below: Park (30%) Lee (30%) Jeon (40%) Capital balance January 1, 2016 $100,000 $120,000 $180,000 Addition (drawing): July 1. 2016 10,000 15,000 October 1, 2016 (12,000) (12,000) (12,000) In accordance to the partnership agreement, the net income is to be divided as follows: Bonus equal to 10 percent of net income to Park Salary allowance of $12,000 to Park and $5,000 to Lee 10 percent of interest on beginning capital balance Remaining profits to be divided according to profit-sharing agreement Total capital balance on December 31, 2016, was $461,000. REQUIRED: Prepare a statement of each partner's capital for the year ended December 31, 2016. E 16-20 Recording new partner investment After operating as partners for several years, Gro and Ham decided to sell one-half of each of their partnership interest to Lot for a total of $70,000, paid directly to Gro and Ham. At the time of Lot's admittance to the partnership, Gro and Ham had capital balances of $45,000 and $65,00( respectively, and shared profits 45 percent to Gro and 55 percent to Ham. REQUIRED 1. Calculate the capital balances of each of the partners immediately after Lot is admitted as a partner assum ing that the assets are not revalued, and prepare a second calculation of the capital balances assuming the the assets are revalued at the time Lot is admitted. 2. In designing a new partnership agreement, how should profits and losses be divided? 3. If a new partnership agreement is not established, how will profits and losses be divided