Exercise 11-6 Profit allocation LO3 Liam and Katano formed a partnership to open a sushi restaurant by investing $103,000 and $113,000, respectively. They agreed to share profit based on an allocation to Liam of an annual salary allowance of $158,000 interest allowance to both Liam and Katano equal to 12% of their beginning-ofyear capital balance, and any balance based on a 13 ratio, respectively. At the end of their first year, December 31, 2020, the Income Summary had a credit balance of $38,000. Llam withdrew $15,000 during the year and Katano $32,000 Required: 1. Determine each partner's share if the first-year profit was $38,000. Prepare the entry to close the income Summary on December 31, 2020 (Leave no cell blank. Enter "o" when the answer is zero. Negative answers should be indicated by a minus sign) Share to Liam Share to Katano Total Total salaries and interest allocation Balance of profit Activate Wind Remainder 13 ratio