Investment by partners; financial statements. Abram, Haas, and Tidwell formed a

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Investment by partners; financial statements. Abram, Haas, and Tidwell formed a partnership to practice law by combining their respective sole proprietorships. The assets and liabilities contributed to the firm on January 2, 19X4, the date of formation, follow. Instructions: Prepare journal entries to record the investments of Abram, Haas Tidwell in the new partnership. Prepare a classified balance sheet for the partnership immediately after the investments are recorded. The partners share profits and losses equally, and the first year's n income was $66,000. Cash withdrawals of $5,000 were made by Abram,$22,000 by Haas, and $17,000 by Tidwell. Prepare the December 31 19X4, statement of partners' equity for the firm

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