QUESTION 6 In 2017, Aria, David and Sofia decide to form a partnership called "ADS Luxury" to start a business selling designer clothing and footwear Upon discussion, all the partners agree to contribute cash of $20,000 each. In addition, David contributes designer clothing he bought six months prior for $87,000, with a current market value of $76,000; Sofia contributes new IT equipment worth $21,000 to help with online sales and a delivery car with a carrying value of $37,500 and fair value of $23,000; and Aria offers studio space she purchased for $150,000 in 2014 and is currently worth $140,000 in the market. The partners decide to split the first $60,000 of the business's profits/losses equally amongst the partners, and any additional profits/losses in proportion to their initial capital contributions to the partnership. Aria, David and Sofia work together well and record a $96,000 profit in the first year of the business. However, in the second year, David decides to leave the partnership due to personal circumstances and withdraws $140,000 from the business on his departure. Despite the loss of David, the remaining partners, Aria and Sofia, are determined to make the business (ADS Luxury) grow and prosper into the future. Required: a) Journalise the distribution of the $96,000 profit in the first-year of the partnership. (2 marks) b) Journalise the departure (withdrawal) of David from the partnership (3 marks) Note: No explanations are required. Please distinguish between your responses to part a) and b) TT T Arial 3 (12pt) T-EE