n January 1, 2021, Wong and Barrett formed a partnership to manufacturing s sed in the computer industry. Each partner contributed the following assets Wong Barrett $150,000 of cash Manufacturing equipment with a fair value on January 1, 2021, of $750,000. The original cost of the equipment was $900,000 and it's accumulated depreciation on December 31, 2020, was $300,000. Inventory with a cost of $1,000,000. The inventory had a fair value on January 1, 2021. of $850,000 The partners agreed to the following profit and loss sharing arrangement 1) Salary allowances of $100,000 to Wong and 580,000 to Barrett. 2) 5% interest allowances based on the opening balances of their partner capital accounts 3) Remaining profits or losses to be shared equally. During 2021, Wong and Barrett took cash drawings of 575,000 and $55,000, respectively, and the partnership reported a profit of $400,000. Requirements: (a) Prepare the journal entries to record the formation of the partnership on January 1 2021. (5 Marks) Accounts-Explanations are not required Debits Credits (b) Prepare the closing entries for the partnership for the year ended December 3 Show and label your calculations for part marks. (11 Marks) Accounts-Explanations are not required Debits Cr The next page is blank for your calculations. 253339