Please Help!!

Ping and Juno decide to form a partnership on 30 June 2020 . They secure the services of Timothy Legal to draw up their partnership agreement as follows. 1. Ping is to contribute: - his car, the fair value of which is $32000 - property with a book value of $120000, but revalued to $150000 - a mortgage of $80000; this was secured over the property and the partnership has agreed to assume this liability. 2. Juno is to contribute: - cash totalling $25000 - office equipment with a market value of $45000. It is also agreed that Ping will act as manager with an annual salary of $65000, to be allocated at the end of each year. Profits or losses will be divided between Ping and Juno in the proportion 2/3 and 1/3 respectively. Gross profit for the year ended 30 June 2021 is $165000, with operating expenses of $105000. Ping withdrew $19500 and Juno withdrew $4000 during the year. Required (a) Prepare the statement of financial position of the partnership on its formation (30 June 2020). 8 marks (b) Calculate each partner's share of profit for the year ended 30 June 2021. 6 marks