On February 1, 1990, Young and Olde formed a partnership in which Young contributed \(\$ 70,000\) and Olde contributed land valued at \(\$ 80,000\) and a building valued at \(\$ 90,000\). Also, the partnership is to assume responsibility for Olde's \(\$ 30,000\) long-term note payable. The partners agreed to share profits as follows: Young is to receive an annual salary allowance of \(\$ 35,000\); each partner is to receive \(10 \%\) of his or her original capital investment; and any remaining profit or loss is to be shared equally. On November 20, 1990, Young withdrew cash of \(\$ 40,000\) and Olde withdrew \(\$ 30,000\). Present general journal entries to record the initial capital investments of the partners, the cash withdrawals of the partners, and the December 31 closing of the withdrawals accounts and the Income Summary account, which had a credit balance of \(\$ 68,000\).