Fix both parts to the problem

Award: 0.67 out of 1.00 point Problem 11-248 [LO S1] Groucho, Harpo, and Chico go into partnership on January 1, 2015. Groucho contributes $360,000, Harpo $280,000, and Chico $160,000 to a business called Marx Brothers' Partnership. On a monthly basis, each partner is allocated income and is allowed to receive cash from the business in proportion to the capital they provided. Assume that Groucho receives $7,200 cash per month. Required: a-d. Prepare the journal entry for the following transactions: (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) () The initial investment (i) The monthly distribution amounts for each of the three partners (ili) The allocation of an annual net income of $336,000. For purposes of this journal entry, assume sales were $504,000 and that all expenses (totaling $168,000) were recorded in a single account called operating expenses (v) The closing of the drawings accounts at the end of the year. Answer is not complete. No Transaction General Journal Debit Cash 800.0 Groucho Capital Harpo Capital Chico Capital 2 Groucho Drawings Harpo Drawings Chico Drawings 7,20 5,600 3,200 Cash