Check my w On March 1, 2017, Eckert and Kelley formed a partnership. Eckert contributed $99,000 cash and Kelley contributed land valued at $79,200 and a building valued at $109,200. The partnership also assumed responsibility for Kelley's $89,000 long-term note payable associated with the land and building. The partners agreed to share income as follows: Eckert is to receive an annual salary allowance of $29,000, both are to receive an annual interest allowance of 9% of their beginning-year capital investment, and any remaining income or loss is to be shared equally. On October 20, 2017, Eckert withdrew $29,000 cash and Kelley withdrew $22,000 cash. After the adjusting and closing entries are made to the revenue and expense accounts at December 31, 2017, the Income Summary account had a credit balance of $100,000. Required: 1a. & 1b. Prepare journal entries to record the partners' initial 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, 2017. Complete this question by entering your answers in the tabs below. Req 1A and 1B Reg 10 Reg 2 Prepare journal entries to record the partners' initial capital investments and their subsequent cash withdrawals. View transaction list Journal entry worksheet Record the partners' initial capital investment. Note: Enter debits before credits. Date General Journal Debit Credit Mar 01, 2017 Record entry Clear entry View general journal Journal entry worksheet Record the cash withdrawal of Eckert ($29,000) and Kelley ($22,000). Note: Enter debits before credits. General Journal Debit Credit Date Oct 20, 2017 Record entry Clear entry View general journal