Coleman and Simmons are partners and own the ABC Gift Shop. They formed their partnership on January 2, 20XX, with investments of $50,000 and $25,000. Simmons invested an additional $5,000 on July 7. They share profits giving 10 percent interest allowance on beginning investments and dividing the remainder on a 2:1 ratio. Following is their trial balance before closing. Coleman and Simmons Trial Balance December 31, 20XX DR CR Cash 19,000 5,000 Accounts Receivable Merchandise Inventory Equipment 60,000 20,000 10,000 10,000 10,000 Accumulated Amortization: Equipment Accounts Payable Coleman, Drawing Simmons, Drawing Coleman, Capital Simmons, Capital 10,000 50,000 30,000 Sales 100,000 Operating Expenses 76,000 200,000 Total 200,000 a. Prepare working paper/worksheet. b. Prepare the general journal entries, without explanations, to record the closing of all the nominal accounts (revenue and expense) using the Income Summary account. c. Prepare a schedule showing the distribution of net income to the partners. It should have the following headings. Calculations Share to Coleman Share to Simmons Total Allocated d. Prepare the general journal entries to record the closing of the Income Summary account to the capital accounts, and close the drawing accounts to the capital accounts. e. Prepare the partnership income statement showing the allocation of net income. f. Prepare the statement of owners' equity. g. Prepare a balance sheet