What are the step by step solution for Horngrens accounting the financial chapters 10th edition problem 12-26a? 12-31a?

P12-26A Accounting for partner contributions, allocating profits and losses to Learning c E. the partners, preparing partnership financial statements Lorena Lally and Allie Ranas formed a partnership on March 15, 2014. The partners 2. Lally, Capital S56,000 agreed to contribute cqual amounts off capital. Lallycontributed her solc proprietor- ship's assets and liabilities (credit balances in parentheses) as follows: Lally's Business Book Value Current Market Value Accounts Receivable 12,300 S 10,600 Merchandise Inventory 47,000 38,000 Prepaid Expenses 3,600 Store Equipment, Net 41,000 Accounts Payable 24,0000 On March 15, Ranas contributed cash in an amount equal to the current market value of Lally's partnership capital. The partners decided that Lally will earn 70% of partnership profits because she will manage the business. Raras agreed to accept 30% of the profits. During the period ended Docember 31, the partnership carned totaled $22,000. Requirements 1. Journalize the partners' initial contributions. 2. Prepare the partnership balance sheet immediately after its formation on March 15, 2014. 3. Joumalize the closing of the Income Summary and partner Withdrawal ac- counts on December 31, 2014. P12.31A Allocating proft and losses to the Partners, accounting for the Learning objectives a, 6 liquidation of a partnership 2. Bron Capital S52.250 loses in the ratio of 13:i.The account balance of the partnership at ollow ABC Adjuited Trial Dalance June 30, 2010 33000 S 321,000 Requirements 1. Prepare the June 30 entre to dose the revenue expense income summary, and withdrawal aoaounts. 2. Opem each partner's capital Taooount with the adjusted balance. poetde doring entries to their accounts, and detenuine each partners endint apital laluace, 3, Prepare the 30 merinto liquidatethr Eartnumship aarrming thr non-cah assets are sold for $120,000