Cathy, Tim and Lucas started a partnership online retailing business as from 1 January 2022 . The agreement set out the following basic arrangements: these computers was $2000 lower than Cathy's booking record on 1 January 2022. Tim to contribute $26000 in cash and office furniture, which originally cost $35500. Based on Tim's accounting record, the accumulated depreciation of office furniture showed $15000. The bank loan associated with office furniture is $10000. Lucas to contribute inventory valued at $24750 and to act as managing partner at a salary of $20000 per year. Ignore GST Required 1) Prepare the journal entries necessary to open the records of the partnership. (5 Marks) 2) Assuming that the partnership makes a profit of $95000 for the year ended 30 June 2022, prepare the journal entries to record the allocation of profing accounts are not used