accounting question.

On February 12, 2011, Mr. Kramer and Mr. Newman entered into a partnership together. Kramer contributed $60,000 and land valued at $70,000 while Newman contributed $35,000 and land valued at $90,000. They agree to share profits as follows: Kramer is to receive an annual "salary allowance" of $20,000. Each partner is to receive a 20% "interest allowance" on his beginning of the year capital balance, and any remaining profit or loss is to be shared 40/60 (Kramer getting 40%). On October 17, 2011, Kramer withdrew $5,000 and Newman withdrew $8,000. The company closes its books on December 31. . For the year, the company had cash sales (use account Sales) of $80,000 and cash expenses (use account Expenses) of $100,000. (ie: a net loss of $20,000 during its first year). (Record these items AND THEN close the accounts.) On January 1, 2012, Seinfeld bought into the partnership by contributing $50,000 for a 25% equity share. The new income splitting agreement called for salary allowances of $50,000; $20,000; and $35,000 for Kramer, Newman, and Seinfeld respectively. Additionally, each partner would receive an interest allowance of 10% on their beginning of year capital balances. Any remaining income or loss would be split 5:6:3 (K/N/S). During 2012, the company was very successful, having cash sales (Sales) of $200,000 and cash expenses (Expenses) of $100,000. (ie: a profit of $100,000 for the year). (Record these items AND THEN close the accounts.) Unfortunately, at a New Year's Day party on January 1, 2013, the partners had a disagreement. Newman left the partnership and received $40,000 for his share of the company. The next day the remaining partners decided to liquidate the business. Since the year has just begun, they agreed to waive the salary and interest provisions for this year and therefore will split any gains or loss on liquidation in the 5:3 ratio. On January 7, the land was sold for $100,000 cash. There were no outstanding liabilities. On January 8, the company distributed its cash to Kramer and Seinfeld and the partnership ceased to exist. Required Prepare journal entries to chronicle the life of this company. (journal entries should be exact to the nearest cent.)