Take me to the text On January 1, 2020, Amy, Bob, and Mike form a limited liability partnership to start a small public accounting firm. Amy, Bob, and Mike have invested $95,000, $37,000 and $65,000 respectively. Mike has also invested a piece of equipment that is worth $3,000. During the first year of operations in 2020, the firm earned a net income of $258,000 All earnings are to be divided according to the initial capital contribution of each partner. In addition, Amy and Bob withdrew 10,000 and $8.200 cash from the business. On January 1, 2021, a new partner (Helen) was added to the fem. Helen purchased 50% of Amy's investment and 13% of Mike's investment equity) in the business, a) Assume year-end is on December 31, prepare the journal entries to set up the partnership, record the withdrawals, and distribute the income for 2020. Also, prepare any additional closing or adjusting entries. Do not enter dollar.signs.or.commas in the input boxes Hound all answers to the nearest whole dollar For transactions with more than one debit or credit, enter the accounts in alphabetical order, Date Jan 11 Account Title and Explanation Cash Equement Amy Capital Bob Capital V Mike, Capital . To record set up of partnership Dec 31 Amy, Withdrawals Bob, Withdrawals Cash To record owner drawing accounts during the year Dec 31 Income Summary Amy, Capital 16 Bob Capital Mike, Capital To close income summary account Dec 31 Amy, Capital Bob, Capital Amy, Withdrawals Bob, Wahdrawals To close withdrawals accounts Debit Credit 197000 3000 95000 37000 68000 9600 8200 17800 258000 9600 8200 96001 8200