Please show step by step solution with rationale,I'm stuck 12 31 shown

Accounting for partner contributions, allocating profits and losses to the partners, preparing partnership financial statements Lorena Lally and Allie Raras formed a partnership on March 15, 2014. The partners agreed to contribute equal amounts of capital. Lally contributed her sole proprietor- ships assets and liabilities (credit balances in parentheses) as follows: On March 15, Raras contributed cash in an amount equal to the current market value of Lallys 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 December 31, the partnership earned net income of exist74,000. Lallys withdrawals were exist42,000, and Rarass withdrawals totaled exist22,000. Requirements Journalize the partners initial contributions. Prepare the partnership balance sheet immediately after its formation on March 15, 2014. Journalize the closing of the Income Summary and partner Withdrawal accounts on December 31, 2014. Allocating profits and losses to the Partners, accounting for the liquidation of a partnership ABC is a partnership owned by Alders, Bynan and Calvin, who share profits and losses in the ratio of 1: 3: 4. The account balance of the partnership at June 30, follow: Requirements Prepare the June 30 entries to close the revenue, expense, income summary, and withdrawal accounts. Open each partners capital T-account with the adjusted balance, poet the closing entries to their accounts, and determine each partners ending capital balance. Prepare the June 30 entries to liquidate the partnership assuming the non-cash assets are sold for exist120,000