Tim, Lucas and Cathy started a partnership online retailing business as from 1 lanuary 2022 . The agreement set out the following basic arrangerments: Tim to contribute $12000 in cash and inventory valued at $8000. He also contributed computers valued at 510000 on his record The fair value of these computers was $2000 higher than Tim's booking record on 1 Ianuary 2022 Lucas to contribute $26000 in cash and office furniture, which originally cost $35500. Based on laxas accounting record, the accumulated depreciation of office fumiture showed $15000. The bank loan associated with office furniture is $10000. Lucas also acts as managing partner at a salary of $20 000 per year. Cathy to contribute inveritory valued at $24750. Interest to be allowed at 10% p. a on the capital contribution by the partners. Residual profits or losses to be shared equally among three partners. Ignare GST Required 1) Prepare the joumal entrins necessary to open the records of the partnetship. ( 5 Marks) 2) Assuming that the partnership makes a profit of $95000 for the year ended 30 fune 2022 prepare the joumal entries to record the alliocation of profit. Retained Earnings accounts are used for protit distribution. (3 Marks). Namations in the general journals are not required. Both occount names and figures chould be correct in order to award marks. Type your sesponse directly into the template in the text box below.)