(Time recommended: 8 minutes) On 1st January 2020, Beckham, Giggs and Scholes decide to combine their sole trader businesses to form a partnership called "Merchandise United Ltd" (MU Ltd) which specialises in soccer merchandise and equipment. All the partners agree to contribute cash of $35,000 each. In addition, Beckham contributes a delivery van with a carrying value of $40,900 and fair value of $26,000 and a small storage space currently worth $45,500; and Giggs contributes inventory purchased a month prior for $51,600, with a current market value of $51,000. The partnership also assumes Scholes' accounts receivable of $66,400 along with the allowance for doubtful debt which is estimated to be $6,400 (this is believed to be reasonable as at the date the partnership is formed). The partners decide to split the first $60,000 of the business's profits/losses equally, and any additional profits/losses in proportion to their initial capital contributions to the partnership. Unfortunately, MU Ltd took a hit due to the recent pandemic and thus the trio are not very successful in the first year and record a loss of $223,000. In addition, Scholes decides to leave the partnership and withdraws $100,000 from the business on his departure. Required: a) Journalise the distribution of the $223,000 loss in the first-year of the partnership. When calculating the partners' capital contribution percentages, round to 2 decimal places (example 22.53%) (2 marks) b) Journalise the departure (withdrawal) of Scholes from the partnership (2 marks) the journals. Please distinguish between your