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Question 4 8 points Say Partnership formation Jo and Mel formed a partnership on March 15, 2021. The partners agreed to invest equal amount of capital Mel invested the following proprietorship's assets and liabilities: Book value Fair value Accounts receivable $ 12 000 $ 12 000 Inventory 43 850 31 220 Prepaid expenses 2 400 2 400 Store equipment 36 700 26 600 Accumulated depreciation (9 200) Accounts payable 22 300 22 300 On March 15, Jo invested cash in an amount equal to current market value of Mel's partnership capital. The partners decided that Mel would earn 70 percent of partners because he would manage the business. Jo agreed to accept 30 percent of profit during the period ended 30 June. Required: a) Journalise the partner's initial investments. (3 marks) b) Prepare the partnership balance sheet immediately after its formation on March 15. (5 marks) Please copy and paste the following templates below table into your answer text box- please 'Keep Formatting' when prompted. (add additional rows to input your entry) a) Partnership formation journals Date Particulars Debit Credit