Requirement 1 only

E-F:12-14 Accounting for partner contributions and preparing partnership Learning Objective 2 financial statements On December 31, 2024, Demetrius and Garnett agree to combine their sole proprietor- 1. Demetrius, Capital $92,000 CR ships into a partnership. Their balance sheets on December 31 are shown as follows: Demetrius's Business Current Book Market Value Value Garnett's Business Current Book Market Value Value Assets Cash Accounts Receivable Merchandise Inventory Plant Assets, Net Total Assets $ 9,000 23,000 49,000 126,000 $ 207,000 $ 9,000 21,000 43,000 108,000 $ 181,000 $ 3,000 16,000 40,000 54,000 $ 113,000 5 3,000 14,000 40,000 58,000 $ 115,000 $ 12,000 $ 12,000 Liabilities and Owner's Equity Accounts Payable Other Accrued Payables Notes Payable Demetrius, Capital Garnett, Capital Total Liabilities and Owner's Equity $ 23,000 13,000 53,000 118,000 $ 23,000 13,000 53,000 ? 101,000 5 113,000 5 207,000 $ 181,000 $ 115,000 $ 115,000 Requirements 1. Journalize the contributions of Demetrius and Garnett to the partnership. 2. Prepare the partnership balance sheet at December 31, 2024