roductions On March 1, 2048, Eric Keene and Renee Wallace form a partnership. Keene agrees to invest $20,000 in cash and merchandise Inventory valued at $55,950. Wallace invests certain business assets at valuations agreed upon, transfers business abilities, and contributes sufficient cash to bring her total capital to $60,390. Details regarding the book values of the business assets and liabilities, and the agreed valuations follow: Agreed-Upon Valuation Wallace's Ledger Balance $19,370 1,240 $18,480 1,520 Accounts Receivable Allowance for Doubtful Accounts Equipment Accumulated Depreciation 83,050 54,330 Accounts Payable 29,920 14,980 35,860 14,980 35,860 Notes Payable (current) The partnership agreement includes the following provisions regarding the division of net income: Interest on original investments at 10%, Accounts Payable Notes Payable (current) 14.980 14,980 35,860 35,860 The partnership agreement includes the following provisions regarding the division of net income: Interest on original investments at 10% salary allowances of $22,800 (Keene) and $30,590 (Wallace), and the remainder equally. Required: 1. Journalize the entries on March 1 to record the investments of Keene and Wallacein the partnership accounts. 2. Prepare a balance sheet as of March 1, 2048, the date of formation of the partnership of Keene and Wallace." 3. After adjustments at February 28, 2099, the end of the first full year of operations, the revenues were $298,300 and expenses were $208,700, for a net income of $89,600. The drawing accounts have debit balances of $27,870 (Keene) and $30,730 (Wallace). Journalizethe entries to close the revenues and expenses and the drawing accounts at February 28, 2049." "Refer to the Chart of Accounts and the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries