On January 1, 2022, Jack and Maya formed a partnership, JM Co. with the agreement that income would be split equally by the partners. Jack's initial investment consisted of cash of $5,000 and a building with a fair market value of $105,000. Maya's initial investment consisted of $110,000 cash. For 2022, the first year of operations, the net profit for the partnership was $18,000. During the first year, neither partner withdrew any money from the partnership. The partnership has a December 31 year end REQUIRED: A B Prepare the journal entries to record the formation of the partnership. (3 Marks) Prepare the journal entries to allocate the profit to the partners on December 31, 2022 (3 Marks)