Problem 11-6A Partnership entries, profit allocation, admission of a partner LO2,3,4 On June 1, 2023, Jill Bow and Aisha Adams formed a partnership to open a gluten-free commercial bakery, contributing $299,000 cash and $398,000 of equipment, respectively. The partnership also assumed responsibility for a $59,000 note payable associated with the equipment. The partners agreed to share profits as follows: Bow is to recelve an annual salary allowance of $169,000, both are to recelve 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 $119,000. At year-end, May 31, 2024, the Income Summary account had a credit balance of $570,000. On June 1, 2024, Peter Willims invested $139,000 and was admitted to the partnership for a 20% interest in equity. Required: 1. Prepare journal entries for the following dates. o. June 1,2023