Accounting for Partnerships 1) Shawn. Dan and Mitchell start Cable Source partnership on January 1" Shawn invests $30000 cash and $10000 of Equipment. Dan and Mitch invest 20000, and $10,000 cash respectively. Income is distribution based on each Owners % proportion of capital. Show the journal entry's) 2) On January 30 Shawn sells half of his partnership interest to Phil for $25,000 cash. Show the entry (s). 3) On April 30" Dan withdraws from the partnership and receives $26,000. Income and loss sharing ratio's are equal for all partners. Show the entry (s). 4) June 1" Shawn withdraws $2000 cash. 5) December 31" Net income for the partnership is 560.000. Show the entry (s) closing out withdrawals and income summary account. What is each partners ending capital balance