Using the information provided SOLVE SECTION C ONLY. PLEASE SHOW YOUR WORK (CALCULATIONS)

Again, please answer question C.

Razul and Amy decided to start a partnership called SA Consulting on January 1, 2020. Each of them contributed a number of items to the partnership, which are listed below. All tangible assets are listed at their market value. On March 1, Razul and Amy added a new partner to the business, Sheila. Sheila will contribute $130,000 and receive a 35% share of the business. Use the capital balances from January 1 to determine any bonuses. Assume the existing partners will solit anv bonus evenlv. During the year, Razul and Amy withdrew $19,500 and $16,400 respectively and the business reported a net income of $481,800. Their partnership agreement provided for sharing of net income (loss) on the following basis: 1. Salary of $46,700 is allocated to Razul, $43,560 to Amy, and $37,900 to Sheila. 16 2. Interest is allocated at 7% of each partner's opening capital balance. 7 3. Remainder is shared where Razul gets 36%, Amy gets 35%, and Sheila gets 29%. a) Prepare the journal entries to record the contributions of each partner to start the partnership. \begin{tabular}{|l|l|l|l|l|} \hline 237 & \multicolumn{2}{|l|}{ Account Title and Explanation } & Debit & Credit \\ \hline 238 & Date & & & \\ \hline 239 & 1 & & & \\ \hline 240 & & & & \\ \hline 241 & & & & \\ \hline 242 & & & & \\ \hline 243 & & & & \\ \hline 244 & & & & \\ \hline 245 & & & & \\ \hline \end{tabular}