On March 1, 20Y8, Eric Keene and Renee Wallace form a partnership. Keene agrees to invest exist23, 400 in cash and merchandise inventory valued at exist62, 600. Wallace invests certain business assets at valuations agreed upon, transfers business liabilities, and contributes sufficient cash to bring her total capital to exist60,000. Details regarding the book values of the business assets and liabilities, and the agreed valuations, follow: The partnership agreement includes the following provisions regarding the division of net income: interest on original investments at 10%, salary allowances of exist19,000 (Keene) and exist24,000 (Wallace), and the remainder equally. Instructions 1. Journalize the entries to record the investments of Keene and Wallace in the partnership accounts. 2. Prepare a balance sheet as of March 1, 20Y8, the date of formation of the partnership of Keene and Wallace. 3. After adjustments at February 28, 20Y9, the end of the first full year of operations, the revenues were exist300,000 and expenses were exist230,000, for a net income of exist70,000. The drawing accounts have debit balances of exist19,000 (Keene) and exist24,000 (Wallace). Journalize the entries to close the revenues and expenses and the drawing accounts at February 28, 20Y9.