On February 1 2020. Tessa Williams and Audrey Xie formed a partnership in Ontario, Williams contributed 50.000 cash and Xie contributed land valued at $140,000 and a small building valued at $200,000. Also, the partnership assumed responsibility for Xe's $150,000 long-term note payable associated with the land and building. The partners agreed to share profit or loss as follows: Williams is to receive an annual salary allowance of $110,000, both are to receive an annual interest allowance of 12% of their original capital investments, and any remaining profit or loss is to be shared equally On November 20, 2020, Wiliams withdrew cash of $80,000 and Xie withdrew $65.000 After the adjusting entries and the closing entries to the revenue and expense accounts, the income Summary account had a credit balance of $180,000 Required: 1. Present general journal entries to record the initial capital investments of the partners, their cash withdrawals, and the December 31 closing of the income Summary and withdrawals accounts View transactions Journal entry worksheet Record the allocation of profit and close the income summary account. Prev 10 of 10 ING