Razul and Amy decided to start a partnership called SA Consulting on January 1, 2020. Each of them contributed a number of items to the partnership, which are listed below. All tangible assets are listed at their market value. Razul Amy On March 1, Razul and Amy added a new partner to the business, Sheila. Sheila will contribute $133,000 and receive a 36% share of the business. Use the capital balances from January 1 to determine any bonuses. Assume the existing partners will split any bonus evenly. During the year, Razul and Amy withdrew $21,300 and $18,800 respectively and the business reported a net income of $433,600. Their partnership agreement provided for sharing of net income (loss) on the following basis: 1. Salary of $49,800 is allocated to Razul, $46,300 to Amy, and $41,300 to Sheila. 2. Interest is allocated at 7% of each partner's opening capital balance. 3. Remainder is shared where Razul gets 32%, Amy gets 36%, and Sheila gets 32%. a) Prepare the journal entries to record the contributions of each partner to start the partnership. Date Account Title and Explanation Debit Credit b) Prepare a schedule showing the changes in capital and ending capital balances after the admission of Sheila. Razul Amy Sheila Total c) Prepare the journal entry to record the admission of the new partner on March 1. Date Account Title and Explanation Debit Credit d) Prepare the journal entry to record the partner withdrawals of cash. Date Account Title and Explanation Debit Credit e) Prepare a schedule showing the allocation of the net income to the partners. Total Razul Amy Sheila Net Income $433,600 f) Prepare the journal entries to record the distribution of net income and the closing of the withdrawals accounts. Assume revenues and expenses have been closed to the income summary account. Date Account Title and Explanation Debit Credit