On January 1, 2020 two work colleagues Jim and Pam formed a partnership, The Office. On that date Jim contributed $120,000 cash and Pam contributed $20,000 cash and office equipment with a fair market value of $30,000. Pam had originally purchased the equipment for $50,000. The partnership agreement states that profit will be allocated as follows: 1. an interest allowance of 20% of each partners beginning capital balance. 2. a salary allowance of $50,000 for Pam and $40,000 for Jim. 3. any remaining profit or loss will be allocated 30% to Jim and 70% to Pam. For the year ending December 31, 2020 the partnership had consulting revenue of $680,000, operating expenses of $305,000, Jim withdrew cash of $80,000 and Pam withdrew cash of $145,000. REQUIRED: 1. Calculate each partner's share of the net income (profit). 2. Prepare a Statement of Partner's Equity for the year ended December 31, 2020. 3. Prepare the closing entries at December 31, 2020