Question $1$: $(5$ points$)$: A$1,$ B$1$

X; Yand C formed a partnership on January $1,2024.$ The fair value of the net assets invested

by each partner as follow:

$x$:$$500,000$ Cash and Land $$240,000$

Y: $$200,000$ Cash and Account receivables $$90,000$

C: $$50,000$ Cash; Building $$30,000$ and Liability $$10,000$

The ending capital balance after the equally distributing of the net income which was

$$300,000$ and drawing $$20,000$;$$10,000$ and $$60,000$ respectively to $x$;$Y$ and $C$ is:

$x$:$$630,000$

$Y$:$$380,000$

C: $$110,000$

Instruction:

Prepare journal entries to:

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

$(2)$ Record the withdrawals.

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