On April 1, 2023, Harry Regal and Meghan Merle formed a partnership in Alberta, renting reusable moving boxes. Regal Merle Contribution $97,000 cash $137,000 land $50,000 building Profit sharing $107,000 salary allowance 15% of original capital investments 15% of original capital investments Cash withdrawal during year $77,000 $62,000 Net Income during the year was $177,000 and was in the Income Summary account. The partners agreed to share profit by allowing salary allowance, interest on their initial investments, and sharing the balance equally