Dennis Ortiz and Patrick Vasquez own The Lawn and Garden Shop. The partnership agreement provides that Ortiz can withdraw $$20,000$ a month and Vasquez, $$18,000$ a month in anticipation of profits. The withdrawals, which are not considered to be salaries, were made each month. Net income and net losses are to be allocated $40$ percent to Ortiz and $60$ percent to Vasquez. For the year ended December $31,20$X$1,$ the partnership earned a net income of $$600,000.$

Required:

Prepare general journal entries to:

Close the income summary account.

Close the partners' drawing accounts.

Assume that there was a net loss of $$200,000$ for the year instead of a profit of $$600,000.$ Give the general journal entries to:

Close the income summary account.

Close the partners' drawing accounts.

Analyze:

Assume the business earned net income of $$600,000.$ If $20$X$1$ was the first year of operation, what balance should be reflected for the Patrick Vasquez, Capital account at the end of the year if Vasquez$$s beginning capital was $$440,000?$

Please help me with the Analyze part and show work please :) Thank you so much