Avis Hemsley, Lacey Laffey and Maddie Longshore, set up a partnership at the beginning of 2016. Avis contributed a machine worth $49,000. Lacey contributed a van worth $29,400. Maddie contributed $19,600 in cash. The partnership made $18,000 net income for the year. According to the partnership agreement, profits are divided in the ratio of their initial contributions. Do not enter dollar signs or commas in the input boxes. Round your answers to the nearest whole number. Enter the debit accounts in alphabetical order, followed by the credit accounts in alphabetical order. a) Record the entry for the division of the profits on December 31, 2016. Assume that revenues and expenses have already been closed to the income summary account. Date Account Title and Explanation Debit Credit Dec 31 To close income to capital accounts b) Assume that the partnership recorded a loss of $14,000. Record the entry for the division of the loss. Assume that revenues and expenses have already been closed to the income summary account Date Account Title and Explanation Debit Credit Dec 31 To close loss to capital accounts