Yee, Young, and Kong form a partnership on Jan 1, 2023. Yee contributes $50,000 cash, Young contributes $10,000 in cash and equipment with and fair value of $32,000 and Kong contributes cash of $15,000.

(a): Prepare the journal entry to record the formation of the partnership.

(b): What is each partners share or ownership percentage of the partnership?

(c): Assume Yee, Young and Kong withdraw $15,000, $10,000, and $5,000 each at the end of the year. Prepare the journal entry to record the withdrawal.