jan 1 2024 Kate and Theo formed a partnership Kt company with the agreement that income would be split based on the amount invested by each partner. Katies initial investment consisted of cash of $36,000 and a building with a fair market value of $204,000. Theo‘s initial investment consisted of $80,000 cash For 2024 the first year of operations. The net loss for the partnership was $70,000 during the first year neither partner withdrew any money from the partnership the partnership as a December 31 year end required part a prepare the journal entry to record the formation of the partnership on January 1, 2024. Prepare the journal entry to allocate the loss to the partners on December 31, 2024 parts what is the balance in each partner‘s capital account after closing at December 31, 2024 indicate whether the balance is debit or credit