Samuel and Vinnie decide to form a partnership on 1 January 2020. They secure the services of a solicitor to draw up their partnership agreement as follows.
(a) Samuel is to contribute:
• His vehicle valued at $72,000
• Plant and equipment valued at $168,000
• Accounts receivable totalling $28,800.
(b) Vinnie is to contribute:
• Cash totalling $48,000
• A building valued at $336,000
• A mortgage of $192,000; this was secured over the building and the partnership agreed to assume this liability.
It is also agreed that Samuel will act as manager with an annual salary of $120,000, to be allocated at the end of each year. Profits or losses will be divided between Samuel and Vinnie in the proportion 3/5 and 2/5 respectively.
Gross profit for the year ended 31 December 2020 is $520,000, with operating expenses of $240 000. Samuel withdrew $24,000 and Vinnie withdrew $32,000 during the year.

Required
(a) Prepare the statement of financial position of the partnership on its formation (1 January 2020).
(b) Calculate each partner’s share of profit for the year ended 31 December 2020.