Finn and Hamwey form a partnership on January 1, 2024, contributing $57,000 and $25,000, respectively. The partnership had net income of $160,500. Based on the partnership agreement, Finn's share of net income was $95,500 and Hamwey's share was $65,000. Finn and Hamwey each withdrew cash of $40,000 for personal use during the year. Requirement 1. Journalize the entry to close net income to the partners. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Income Summary Finn, Capital Hamwey, Capital To close Income Summary to partners' capital. Debit 160,500 Credit 95,500 65,000 Requirement 2. Journalize closing the partners' withdrawal accounts. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries. Prepare a compound entry to close both partners' withdrawal accounts.) Date Accounts and Explanation Finn, Capital Hamwey, Capital Finn, Withdrawals Hamwey, Withdrawals Debit Credit 40,000 40,000 40,000 40,000