On April 1, 2022, Guy Comeau and Amelie Lavoi formed a partnership in Ontario.

Net Income during the year was $560,000 and was in the Income Summary account.On April 1, 2023 Travis Roberts invested $138,000 and was admitted to the partnership for a 20% interest in equity.

Required

1. Prepare journal entries for the following dates:

a. April 1, 2022

b. March 20, 2023

c. March 31, 2023

d. April 1, 2023

2. Calculate the balance in each partner’s capital account immediately after the April 1, 2023, entry.

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Contribution Profit sharing Cash withdrawal March 20, 2023 Comeau $298,000 cash $168,000 salary allowance 5% of original capital investments 40% of remaining Lavoi $200,000 land $138,000 building 5% of original capital investments 60% of remaining $118,000