Take me to the text On January 1, 2020, Amy, Bob, and Mike form a mined Sability partnership to start a small public accounting fum 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 addition, Amy and Bob withdrew $3600 and $5,200 cash from the business. On January 1, 2021, a new partner (Helen) was added to the firm. 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 detersians.or.commas in the input boxes Bound.all.answers.to.the nearest whole dollar Eor transactions with more than one debit or credit, enter the accounts in alphabetical order Date Jan 1 Account Title and Explanation" Debit Credit Cash 197000 Equipment 3000 Amy, Capital 14 95000 Bob Capital 37000 Me, Capital . 68000 To record set up of partnership Dec 31 Amy Withdrawals Bob, Withdrawals Cash Tu record owner drawing accounts during the year Dec 31 Income Summary Amy Capital . Bob, Capital . Mike Capital # To close income summary account Dec 31 Amy, Capital Bob, Capital Amy, Withdrawals Bob, Withdrawals To close withdrawals accounts 9000 6200 17600 258000 122550 47730 87720 9600 8200 9600 82001 b) Prepare the journal entry to record the admission of Helen. Date Account Title and Explanation Jan 1 Amy, Capital Debit Credit Mike, Capital Helen, Capital To record admission of new partner c) Calculate the ending capital balance of each partner after the addition of Helen on January 1, 2021. Use the negative sign for capital transfers that are subtracted. Amy Beginning Capital Balance Add: Share of net income Subtotal Less: Withdrawals Capital transfer Ending Capital Balance Bob Mike Helen