Jan Penny and Barb Gant have formed the PG Partnership, and have capital balances of $130,000 and $100,000, respectively, on January 1, 2012. On June 1, 2012, Gant invested an additional $30,000. Also during the year, Penny withdrew $60,000 and Gant withdrew $48,000. Sales for the year amounted to $360,000 and expenses were $240,000. Penny and Gant share income and losses on a 3:1 basis.

Instructions
(a) Prepare the closing entries at December 31, 2012, for the PG Partnership.
(b) Prepare a partners' capital statement for 2012.