... partnership will take over the assets and assume the liabilities of the proprietors as of January 1, 2009 Required: a) Prepare a balance sheet, for financial accounting purposes, for the LM partnership ... partnership will take over the assets and assume the liabilities of the proprietors as of January 1, 2009 Required: a) Prepare a balance sheet, for financial accounting purposes, for the LM partnership ... II, III D I, II, and III 10 The DEF partnership reported net income of $130,000 for the year ended December 31, 2008 According to the partnership agreement, partnership profits and losses are...