& uencit balance. How isip ueal with this deficiency? Problem 12-8A 2014 Jun. 10 Adam Buckner and Amber Kwan have agreed to pool their assets and form a Accounting for partnes' invest partnership to be called B&K Consulting. They agree to share all profits equally ments, allocating profits and losses; accounting for the admis- sion of a new partner, account ing for the withdrawal of partner, preparing a paitnership and make the following initial investments: Buckner Kwan Cas. Accounts receivable (net). Office furniture. $15,000 $30,000 balance sheet 33,000 27,000 36,000 24,000 2.A Budinies, Capital, 5387,209 Dec. 31 The partnership's reported net income was $195,000 for the year ended December 31, 2014. Chapter 12 Partnerships 717 hip with 2015 is amended to provide for the following sharing of profits and losses: Buckner Kwan Nguen $90,000 $120,000 $75,000 Kwan agree to accept Heidi Nguen into the partners Jan. 1 Buckner and sis000 imvestment for 30 percent of the business. The partnership agreena $180,000 investment for 30 percent of the business 5% Interest on capital balance.. 3: Dec. 31 The partnership's reported net income was $480,000. 2016 Oct. 10 Buckner withdrew $84,000 cash from the partnership and Kwan withdrew $57,000 (Nguen did not make any withdrawals). The partnership's reported net income was $255,000. Dec. 31 2017 Jan. 2 After a disagreement as to the direction in which the partnership should be moving, Nguen decided to withdraw from the partnership. The three partners agreed that Nguen could take cash of $300,000 in exchange for her equity in the partnership. Required 1. Journalize all of the transactions for the partnership. 2. Prepare the partners' equity section of the B&K Consulting balance sheet as of January 2, 2017. Prohlem 12 n