Ch Exercise 12-7 Journalizing partnership transactions LO P2 On March 1, 2017, Eckert and Kelley formed a partnership. Eckert contributed $71,000 cash and Kelley contributed land valued at $56,800 and a building valued at $86,800. The partnership also assumed responsibility for Kelley's $61,000 long-term note payable associated with the land and building. The partners agreed to share income as follows: Eckert is to recelve an annual salary allowance of $30,000, both are to receive an annual interest allowance of 11% of their beginning-year capital investment, and any remaining income or loss is to be shared equally. On October 20, 2017, Eckert withdrew $31,000 cash and Kelley withdrew $24,000 cash. After the adjusting and closing entries are made to the revenue and expense accounts at December 31, 2017, the Income Summary account o) had a credit balance of $96,000 Required: 1c. the partners' shares of income, and then prepare journal entries to close Income Summary and the partners 2. Determine the balances of the partners' capital accounts as of December 31, 2017 Complete this question by entering your answers in the tabs below 1A and 1 Req 1C Req 2 ents and their subsequent cash w Prepare journal entries to record the partners' initial capital Journal entry worksheet Prey 6 ofell Next >