3. Holden, Phillips, and Rogers are partners with beginning-year capital balances of $ 120,000, $60,000, and $60,000, respectively. Partnership net income for the year is $90,000 Make the necessary journal entry to close Income Summary to the capital accounts if a. Partners agree to divide income based on their beginning-year capital balances. (3 Points) b. Partners agree to divide income based on the ratio of 5:3:2 (Holden:Phillips:Rogers), respectively. (3 Points) Partnership agreement is silent as to division of income and loss, but agrees that Rogers will receive compensation od $10,000. (4 Points) C. 4. Kathleen Reilly and Ann Wolf decide to form a partnership on August 1. Reilly invested the following assets and liabilities in the new partn rship Market Value S100,000 300,000 Land Building Note payable 198,000 The note payable is associated with the building and the partnership will assume responsibility for the loan. Wolf invested $60,000 in cash and $105,000 in equipment in the new partnership. The partners agreed to equally capital interest in the business. Prepare the journal entry to record the two partners' original investments in the new partnership. Hint: one compound entry. (4 Points)