Steve Reese is a well$-$known Interior designer In Fort Worth, Texas. He wants to start his own business and convinces Rob O'Donnell, a

local merchant, to contribute the capital to form a partnership. On January $1,2022,$ O'Donnell Invests a bullding worth $$60,000$ and

equipment valued at $$32,000$ as well as $$28,000$ in cash. Although Reese makes no tangible contribution to the partnership, he will

operate the business and be an equal partner in the beginning capital balances.

To entice O'Donnell to join this partnership, Reese draws up the following profit and loss agreement:

O'Donnell will be credited annually with Interest equal to $20$ percent of the beginning capital balance for the year.

O'Donnell will also have added to his capital account $10$ percent of partnership income each year $($without regard for the preceding

Interest figure$)$ or $$8,000,$ whichever is larger. All remaining income is credited to Reese.

Nelther partner is allowed to withdraw funds from the partnership during $2022.$ Thereafter, each can draw $$5,000$ annually or $15$

percent of the beginning capital balance for the year, whichever is larger.

Please respond with the journal entries like the image, that would be helpful. Thank you