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  3. estion 1: (5 points): a1, b1 x; yand c formed a pa

estion 1: (5 points): A1, B1 X; Yand C formed a partnership on January 1,2023...

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Accounting

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estion 1: (5 points): A1, B1 X; Yand C formed a partnership on January 1,2023 . The fair value of the net assets invested by each partner as follow: X:$500,000Cash and Land $... Y: $200,000 Cash and Account receivables $..... C: $50,000 Cash; Building $30,000 and Liability $... 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

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