On 1 July 20XX, Benny and Jerry set up a business to sell ice-cream. Benny contributed $200,000 in cash and an ice-cream maker that cost $50,000. However, due to shortage, a similar machine is selling for $60,000. Jerry contributed computer equipment that cost $40,000 with accumulated depreciation of $10,000. The business made a net profit of $100,000 for the year. The partnership agreement states that i) Jerry will get a salary allowance of $24,000 per year whereas Benny is entitled to $5,000 per month. ii) In addition, each partner is entitled to a 10% interest on his investment. iii) Any remaining profit shall be shared equally. Required: a) Prepare journal entries to record the initial contribution by each partner. (4 marks) b) Prepare a profit distribution table to show the distribution of profit.