Chapter 12 Assignment interest onowance of 10% of their initial capital investment, and any remaining income or loss is snarea equauy. Un UCroDer zu, Eckert withdrew $28,000 cash and Kelley withdrew $21,000 cash. After adjusting and closing entries are made to the revenue and expense accounts at December 31, the income Summary account had a credit balance of $95.000 Required: 1o. & 1b. Prepare journal entries to record the partners' Initial capital investments and their subsequent cash withdrawals. 1c. Determine the partners' shares of income, and then prepare journal entries to close Income Summary and the partners' withdrawals accounts. 2. Determine the balances of the partners' capital accounts as of December 31. eBook Complete this question by entering your answers in the tabs below. Req 1A and 1B Req 1C Reg 2 Print Determine the partners' shares of income, and then prepare journal entries to close Income Summary and the partners withdrawals accounts. (Enter all allowances as positive values. Enter losses as negative values.) Allocation of Partnership Income Eckert Kelley Net Income $ $ 29,000 Total 95,000 29,000 66,000 19,840 46.160 46,160 9,900 Salary allowances Balance of income Interest allowances Balance of income Balance allocated equally Balance of income Shares of the partners 9,940 23,080 23,080 $ 61,980 $ 33,020 Debit Credit Date General Journal Record the entry to close the partners withdrawals accounts Dec 31 Cash Eckert, Withdrawals Kelley. Withdrawals 49,000 28 000 21.000 Record the entry to close the income summary account Dec 31 Ancome summary Eckert, Capital Kelley, Capital 95.000 61,980 33,020