I did part 1 and 2 and now I need help with the part 3 Journal entries and part 4 the chart.

On January 2, 2017, John and Jane drafted a partnership agreement to create a new partnership. The following items were contributed by each of the partners John Jane Cash $40,000 $60,000 Inventory 10,000 Building 180,000 Equipment 60,000 The building is subject to a mortgage of $50,000 which the partnership has assumed. The partnership agreement specifies that each partner receives 10% interest on his beginning capital balance. John receives an annual salary of $15,000: Jane receives an annual salary of $20,000. The residual profit or loss is divided using a 2:3 ratio which 2 parts assigned to John and 3 parts assigned to Jane. During 2017 the partnership had income of $185,000. Assume there were no drawings during 2017. Journal Entries 1.Record the iournal entry for each partner's contribution to the partnership Journal entry for John's contribution Cash $40000 Equipment $60000 John's Capital $100000 0 Journal entry for Jane's contribution Cash $60000 Inve nto ry $10000 Building $180000 Mortgage on Building $50000 Jane's Capital $200000 Allocation of Income 2.Complete the following schedule showing the allocation of partnership income for each partner. John Jane Beginning Capital Balance 100000 200000 Interest an Capital Balance 1 0000 20000 Annual salary 15000 20000 Remainder 74000 111 000 Ending Capital Balance ' 109000 ' 351 000 Admission of New Partner On January 1, 2018 John and Jane decide to admit a new partner, Tom, for a 1/6 interest in the firm for $175,000. The bonus method is used to record the admission of the new partner. After admitting the new partner, the partnership agreement is amended as follows: Each partner receives 10% interest on his beginning capital balance. Each partner receives an annual salary of $20,000. The residual profit of loss is divided in a ratio of30% to John, 50% to Jane, and 20% to Tom. 3. Record the iournal entm to admission of Tom to the partnership. Dissolution of Partnership Assume that on 12/31/18, the partnership is dissolved. On that date, after closing the books, the following information is available: Cash $160,000 Loan to Jane (Notes Receivable) $50,000 Other assets (PP&E) $700,000 Liabilities $110,000 Capital, John $200,000 Capital, Jane $400,000 Capital, Tom $200,000 Other information necessaryfor the liquidation is as follows: During the month ofJanuary 2019, assets with a book value of $180,000 were sold for $210,000. Other fixed assets : turned out to have no value as of January 31, 2019. 4. Prepare a schedule of safe payments as of January 31I 2019. Partnership of John, Jane, and Tom Schedule of Safe Payments January 31, 2019 Cash Notes PP&E Liabilities Capital, Capital, Capital, Receivable John Jane Tom Balances before dissolution $160,000 $50,000 $700,000 $110,000 $200,000 $400,000 $200,000 Partner loans Sale of assets. ianuarv __ Pavment at iiabiiities __ LOSS on other assets Safe payment to partners