4. The capital accounts of Paul Pierce and Ricky Jackson have balances of $90,000 and $75,000 respectively 2019, the beginning of the current fiscal year. On April 16, Pierce invested an additional 58,000. During the year, Pierce and Jackson withdrew $60,000 and $80,000, respectively, and net income for the year was $120,000. Revenues were $150,000 and expenses were S30,000 for a net income of S120,000. The article of partnership makes no reference to the division of income. (a) Journalize the entries to close (1) revenue and expenses (2) the drawing accounts. (b) Prepare a statement of partnerships' eq uity for the current year for the partnership of Pierce and Jackson