On June 1, 2023, Jill Bow and Aisha Adams formed a partnership to open a gluten-free commercial bakery, contributing $296,000 cash and $392,000 of equipment, respectively. The partnership also assumed responsibility for a $56,000 note payable associated with the equipment. The partners agreed to share profits as follows: Bow is to receive an annual salary allowance of $166,000, both are to receive an annual interest allowance of 5% of their original capital investments, and any remaining profit or loss is to be shared 40/60 (to Bow and Adams, respectively). On November 20,2023 , Adams withdrew cash of $116,000. At year-end, May 31,2024 , the Income Summary account had a credit balance of $540,000. On June 1,2024 . Peter Williams invested $136,000 and was admitted to the partnership for a 20% interest in equity