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PARTNER'S CAPITAL Partnership Journal Entries--Lake and Bay started a partnership. Show the indicated entries. 1...

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PARTNER'S CAPITAL Partnership Journal Entries--Lake and Bay started a partnership. Show the indicated entries. 1 2 3 Lake contributed cash of $70,000 and equipment with cost of $38,000 and fair market value of $34,000. 1 2 3 The income summary ends up with a credit balance of $120,000. Lake and Bay share profits equally. 1 2 Lake withdrew $8,000 cash from the partnership. What is Lake's ending capital balance in the partnership

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