Exercise 11-3 Journalizing partnership entries LO2, 3 CHECK FIGURES: 1. Share of profit: Williams: $116,000; Xle: $44,000 On February 1, 2020, Tessa Williams and Audrey Xie formed a partnership in Ontario, Williams continua $80,000 cash and Xie contributed land valued at $120,000 and a small building valued at $180,000. A partnership assumed responsibility for Xie's $130,000 long-term note payable associated with the land building. The partners agreed to share profit or loss as follows: Williams is to receive an annual salary ance of $90,000, both are to receive an annual interest allowance of 20% of their original capital in and any remaining profit or loss is to be shared equally. On November 20, 2020, Williams withar $60.000 and Xie withdrew $45,000. After the adjusting entries and the closing entries to the revenu pense accounts, the Income Summary account had a credit balance of $160,000. Required with the land and inal capital investments Is withdrew cash revenue and a 1. Present general journal entries to record the initial capital investments of the partners, their als and the December 31 closing of the Income Summary and withdrawals accounts. Determine the balances of the partners' capital accounts as of the end of 2020. ers, their cash wil 784