A partnership began its first year of operations with the following capital balances Young, Capital: $143,000 Eaton, Capital: $104,000 Thurman, Capital: $143,000 The Articles of Partnership stipulated that profits and losses be assigned in the following manner Young was to be awarded an annual salary of $26,000 with $13,000 salary assigned to Thurman. Each partner was to be attributed with interest equal to 10% of the capital balance as of the first day of the year. The remainder was to be assigned on a 5:2:3 basis to Young, Eaton, and Thurman, respectively Each partner withdrew $13,000 per year Assume that the net loss for the first year of operations was $26,000 with net income of $52,000 in the second year 9. Prepare a statement of partner's capital balances at the end of the second year 10. Prepare the closing entries for the partnership at the end of the second year