Jack Hunt and Dana Blake begin a new business on January 7 by investing \(\$ 85,000\) each in the company. Assume that on December 24 , it is decided that \(\$ 22,000\) of the company's cash will be distributed equally between the owners. Checks for \(\$ 11,000\) are prepared and given to the owners on December 29. On December 31, the company reports a \(\$ 30,000\) net income. Prepare journal entries to record the investments by the owners, the distribution of cash to the owners, and the closing of the Income Summary account assuming:

(a) the business is a partnership and

(b) the business is a corporation that issued 1,500 shares of \(\$ 10\) par value common stock to each owner.