P$15-17$ Partnership Formation, Operation, and Changes in Ownership LO $15-3,15-4,15-5,15-6$The partnership of Jordan and ONeal began business on January $1,20$X$7.$ Each partner contributed the following assets $($the noncash assets are stated at their fair values on January $1,20$X$7)$: JordanONealCash$$61,400$ $$51,900$ Inventories $81,1000$ Land $0130,500$ Equipment $101,7000$ The land was subject to a $$51,100$ mortgage, which the partnership assumed on January $1,20$X$7.$ The equipment was subject to an installment note payable that had an unpaid principal amount of $$21,400$ on January $1,20$X$7.$ The partnership also assumed this note payable. Jordan and ONeal agreed to share partnership income and losses in the following manner: JordanONealInterest on beginning capital balances $3\%3\%$Salaries$$12,700$ $$12,700$ Remainder $60\%40\%$During $20$X$7,$ the following events occurred:Inventory was acquired at a cost of $$31,700.$ At December $31,20$X$7,$ the partnership owed $$6,200$ to its suppliers.Principal of $$6,000$ was paid on the mortgage. Interest expense incurred on the mortgage was $$2,100,$ all of which was paid by December $31,20$X$7.$Principal of $$3,100$ was paid on the installment note. Interest expense incurred on the installment note was $$2,000,$ all of which was paid by December $31,20$X$7.$Sales on account amounted to $$161,000.$ At December $31,20$X$7,$ customers owed the partnership $$22,500.$Selling and general expenses, excluding depreciation, amounted to $$34,300.$ At December $31,20$X$7,$ the partnership owed $$6,200$ of accrued expenses. Depreciation expense was $$6,400.$Each partner withdrew $$260$ each week in anticipation of partnership profits.The partnerships inventory at December $31,20$X$7,$ was $$20,600.$The partners allocated the net income for $20$X$7$ and closed the accounts.Additional InformationOn January $1,20$X$8,$ the partnership decided to admit Hill to the partnership. On that date, Hill invested $$100,940$ of cash into the partnership for a $20$ percent capital interest. Total partnership capital after Hill was admitted totaled $$452,000.$Required:a$.$ Prepare journal entries to record the formation of the partnership on January $1,20$X$7,$ and to record the events that occurred during $20$X$7.($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Round the final answers to nearest dollar amount.$)$ b$.$ Prepare the income statement for the Jordan$-$ONeal Partnership for the year ended December $31,20$X$7.$ c$.$ Prepare a balance sheet for the Jordon$-$ONeal Partnership at December $31,20$X$7.($Round the final answers to nearest dollar amount.$)$ d$.$ Prepare the journal entry for the admission of Hill on January $1,20$X$8.($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)$