Also calculate the amount in each partner's capital account at the year end.

Liam and Katano formed a partnership to open a sushi restaurant by investing $111.000 and $121,000, respectively. They agreed to share profit based on an allocation to Liam of an annual salary allowance of $166,000, interest allowance to both Liam and Katano equal to 15% of their beginning of year capital balance, and any balance based on a 13 ratio, respectively. At the end of their first year, December 31, 2020, the income Summary had a credit balance of $46,000 Liam withdrew $23,000 during the year and Katano $40,000 Required: 1. Determine each partner's share of the first-year profit was $46,000 Prepare the entry to close the income Summary on December 31 2020 (Leave no cell blank. Enter "0" when the answer is zero. Negative answers should be indicated by a minus sign.) Share to Liam Share to Katano Total $ 46.000 0 Profit Salary allowances Interest allowances Total salaries and interest allocation Balance of profit $ 165,000 $ 16,650 $ 182,650 $ 18.150 18 150 (200 800) 5 (154 800) 0 Romainder 13 ratio Balance of profit Sharos of each partner $ 182,650 $ 18.1505 46,000 Journal entry worksheet Record the transfer of profit to partners' capital accounts. Note: Enter debits before credits. General Journal Debit Credit Date December 31, 2020 Record entry Clear entry View general journal