Freemont and Hannigan form a partnership on January 1, 2024, contributing $58,000 and $28,000, respectively. The partnership had net income of $164,500. Based on the partnership agreement, Freemont's share of net income was $97,000 and Hannigan's share was $67,500 Freemont and Hannigan each withdrew cash of $15,000 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) Date me solve this Accounts and Explanation Ftext pages Got er ha Debit Credit

Freemont and Hannigan form a partnership on January 1,2024 , conthbuting $58,000 and $28,000, respectively. The partnershp had net income of $164,500. Based on the partnership agreement, Freemonrs share of net income was $97,000 and Hannigan's share was $67,500 Freemont and Hannigan each withdrew cash of $15,000 for personal use during the year. Read the requiremen's 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)