Tim, licas and Catiy started a paitnership online retailing business as from 1 January 2022 . The agreemvert set out the following basic ariangerrentsi Iim to contribute $12000 in cash and imentory valued at $5000. He also contributed computers volued at $10 oo0 on his record. The fair value of these camputers was $2 000 higber-than Tim's booking record on 1 fanuary 2022 Luces to contribute $26000 in cashand office furniture, which originally cost $35.500. flased on Lucas accounting record, the accumulated depreciation of office furniture showed $15000. The bank loan associated with office fumiture is 510 000. Lucas abso acts as manaying parther at salality of $20000 per year. Gathy to conti bute imentory valued at 524750 Interest to be allowed at 10% p. a. on the capital contribution by the partners. Ressdual profits co losies to be shared equillyarnong three partivers: lanore Gst Requited 1) Prepare the jocirnal entries necessary to open the recotds of the paitnership. ( 5 Marks) Retained Eamings accounts are used for protit distribution. (3 Marles). Warrations in the generaljournals are not required. Both account names and figures should be correct in order to award marks. Type your response directly into the template in the text box below)