Exercise 12-7 Journalizing partnership transactions LO P2 On March 1, Eckert and Kelley formed a partnership. Eckert contributed $89,000 cash, and Kelley contributed land valued at $71,200 and a bullding valued at $101,200. The partnership also took Kelley's $79,000 long-term note payable associated with the land and building. The partners agreed to share income as follows: Eckert gets an annual salary allowance of $28,500, both get an annual Interest allowance of 9% of their Initial capital investment, and any remaining income or loss is shared equally. On October 20, Eckert withdrew $31000 cash and Kelley withdrew $24,000 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 $99,000 Required: 1a. & 1b. Prepare Journal entries to record the partnersInitial 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 Complete this question by entering your answers in the tabs below. Reg 1A and 18 Req 1C Req2 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 Total D T O Net Income Salary allowances Balance of income Interest allowances Balance of income Baloce allocated equal Balance of income Shares of the partners 0 $ 0 05 0