ACC – Perform for all partnership formation transactions

Using the data in the attached spreadsheet , perform the accounting required for the formation, operations, and liquidation of the SPLIT Partnership. Within the worksheet, you are to:Perform the required journal entriesUpdate the partnership financials after each set of transactions. There are three sets—formation set, operation set, and liquidation set.Complete all work on the spreadsheet attached to this assignment; it will be your only deliverable.Part 1: Perform for all partnership formation transactionsPart 2: Perform for all operational and liquidation transaction Fair Value of Items Contributed to Partnership (FMV=Basis) on March 1, 2014Assets, Liabilities & EquitiesSPLICash$10,000 $25,000 $25,000 $25,000AR$15,000Inventory$15,000 $15,000Land$60,000Furniture$30,000Less: Accumulated DepreciationComputer$5,000Less: Accumulated DepreciationBuilding$50,000Total Assets$85,000 $55,000 $45,000 $90,000AP$15,000Loan-L$5,000Use the information to the left to journalize the formation of the partnership. Prepare the beginning partnership balance sheet using the template to the rightBalance Sheet for SPLITAccountDRCRb) Balance Sheet for SPLITa) Assume it is now December 31, 2014. Adjust for depreciation for the furniture (7 year life), computer (3 yearlife) and building (40 year life).AccountDRCRc) In addition to the depreciation expenses there are $10,000 of operations expenses all paid in cash. There was also operational revenue of $20,000 (also paid in cash). Prepare the partnership balance sheet as of December 31, 2014 given the effects of transactions in a) and b).d) Assume it is now December 31, 2014. Adjust for depreciation for the furniture (7 year life), computer (3 year life) and building (40 year life). Show all of your work in the areas below row 50.T$25,000$10,000$15,000$50,000