X and Z formed a partnership on January $1,2024.$ The fair value of the net assets invested by each partner as follow:

Item X Z

Cash $10,00050,000$

Land $5,0002,000$

Building $8,0003,000$

Account payable $7,0004,000$

Bonds $1,0002,000$

During the year, X drew $$5,000$ and Z drew $$3,000.$ Net profit for $2024$ was $$100,000,$ which is to be allocated equally.

$(1)$ Record the initial investment in the partnership.

$(2)$ Record the withdrawals.

$(3)$ Close the income summary and drawing accounts.