These two pages are for P12-25a thanks

P12-26A Accounting for partner contributions, allocating profits and losses to Learning objectives the partners, preparing partnership financial statements Lorena Lally and Allie Raras formed a partnership on March 15, 2014. The partners 2. Lally. Capital $56,000 agreed to contribute equal amounts of capital. Lally contributed her sole proprietor ship's assets and liabilities (credit balances in parentheses) as follows: Lally's Business Book Value Current Market Value Accounts Receivable 12,300 10,600 Merchandise Inventory 47,000 38.000 Prepaid Expenses 3,400 Store Equipment, Net 41,000 28.000 Accounts Payable 24,000) (24,000) On March 15, Ra contributed cash in an amount equal to the current market ras value of partnerhip capital. The partners decided that will earn 70% Lally Lally's of partnership profits because she manage 30% During the period Raras accept net income of $74.000. Lally's December 31, the partnership totaled $22,000. withdrawals were $42.000, and Rarass wir Requirements