Elmo, Big Bird, and Oscar, form a partnership by investing cash of $125,000, $60,000, and $80,000, respectively. The articles of partnership agreement specifies that Oscar will be alloted 40% of all profits and losses because of previous business experience. Elmo and Big Bird are to each get 30%. This agreement also stipulates that each partner is allowed to withdraw $20,000 in cash annually from the business. At the end of the first year of operations, the partnership reported net income of $85,000.

Prepare the necessary journal entry to record the withdraw of cash by all three partners

Prepare the necessary journal entry to record the partnerships allocation of income to the partners.

What is the balance at the end of the first year of operations in Oscar's capital account?