2 Liam and Katano formed a partnership to open a sushi restaurant by nvesting 505.000 and 5105 000, respectively. They agreed to share profit based on an allocation to Liam of an annual salary allowance of $150000 interest alowance to both Liam and Katano equal to 15% of their beginning of your capablance, and any balance based on a 12 ratio, respectively. At the end of the first yea December 31 2020, the income Summary had a creat balance of 530,000 Liam withdrew $7.000 during the year and Katang S24.000 15 Required: 1. Determine each partner's share it the first-year profit was $30.000 Prepare the entry to close the income Summary on December 3 2020. Leave no cell blank. Enter when the answer stero. Negative answers should be indicated by minus sign Share to Share to Katana Total 0 1 Shrestha DI Journal entry worksheet COMPAS View transaction list Journal entry worksheet 1 Record the transfer of profit to partners' capital accounts. Noter de beds General ournal Date December 31, 2020 Debit Credit Rendy View jou 2. Calculate the balance in each partner's capital Bccount the end of the first year Negative answers e debit account balance should be indicated by a minus sign) Pre 2. Calculate the balance in each other's capital account at the end of their first you. Negative answers (e. debe account balance should be indicated by a minus sign Kasp