On May 1, Fine and Max formed a partnership. Fine contributed cash of $90,000 and equipment valued at $ 152,000. Max contributed land valued at $120,000 and a building valued at $250,000. The partnership also assumed responsibility for Max's $110,000 long-term note payable associated with the land and building. The partners agreed to share income as follows: Fine is to receive a salary allowance of $38,000, both are to receive an annual interest allowance of 8% of their beginning-year capital investments, and any remaining income or loss is to be shared equally. During the year. Fine withdrew $40,000 and Max withdrew $42,000 cash. After the adjusting and dosing entries are made to the revenue and expense accounts at the end of the year, the Income Summary account had a credit balance of $140,000. Prepare the journal entries to record the partners' initial capital investments, their cash withdrawals, and closing of both the Withdrawals and Income Summary accounts