Frawley and Hannigan form a partnership on January 1, 2024, contributing $57,000 and $27,000, respectively. The partnership had net income of $165,500. Based on the partnership agreement, Frawley's share of net income was $97,000 and Hannigan's share was $68,500. Frawley and Hannigan each withdrew cash of $10,000 for personal use during the year. Read the requirements. 97,000 Requirements Frawley, Capital Hannigan, Capital 68,500 To close Income Summary to partners' capital. partners Requirement 2. Journalize closing the partners' withdrawal accounts. Explanations are not required. (Record debits first, the withdrawal accounts.) 1. Journalize the entry to close net income to the partners. 2. Journalize closing the partners' withdrawal accounts. Explanations are not required. 3. Calculate the balances in each partners' capital account after allocation of net income and partners' withdrawals of cash. (Assume the partnership's accounting year began on January 1, 2024, and ended on December 31, 2024.) Debit Credit Date Accounts and Explanation 10,000 10,000 Print Done Frawley, Capital Hannigan, Capital Frawley, Withdrawals Hannigan, Withdrawals 10,000 10,000 Requirement 3. Calculate the balances in each partners' capital account after allocation of net income and partners' withdrawals of cash. (Show decreases in capital with a minus sign or parentheses.) Frawley Hannigan Total Partner contributions on January 1, 2024 Net income Partners' withdrawals of cash Partner balances after allocation of net income and partners' withdrawals of cash