Freeley and Hardy form a partnership on January 1, 2024, contributing $55,000 and $21,000, respectively. The partnership had net income of $168,500. Based on the partnership agreement, Freeley's share of net income was $99,000 and Hardy's share was $69,500. Freeley and Hardy each withdrew cash of $35,000 for personal use during the year. Read the requirements. 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.)