Solve this question according to GAAP. canadian standard.

Question 3 [20 points] On February 15, 2014. Avery Wilson and Travis Goodall formed a partnership. Avery Wilson contributed $100,000 cash and Travis Goodall contributed machinery worth $120,000. Also the partnership assumed Travis Goodall's $20,000 long-term note payable associated with the machinery. The partners agreed to share profits using a 2:3 ratio. On September 17. Avery Wilson withdrew $25,000 and Travis Goodall withdrew S42,000. After the adjusting entries and the closing entries to the revenue and expense accounts, the Income Summary account had a credit balance of $83,000. a) Prepare general journal entries for each of the following: 1. To record the initial capital investments of the partners. 2. To record the withdrawals of the partners. 3. The December 31 closing of the income summary account. 4. The December 31 closing of the withdrawals accounts. Enter the numbers above as the explanation, and the dates in the format dd/mmm (ie. 15/Jan). General Journal Date Account Explanation F Debit Credit Page G2 b) Enter the balance of the partners' capital accounts as of the end of 2014. Balance of Avery Wilson, Capital: Balance of Travis Goodall, Capital