Help On March 1, Eckert and Kelley formed a partnership. Eckert contributed $82,500 cash, and Kelley contributed land valued at $60,000 and a bullding valued at $100,000. The partnership also took Kelley's $92,500 long-term note payable associated with the land and building. The partners agreed to share income as follows: Eckert gets an annual salary allowance of $25,000, both get an annual Interest allowance of 10% of their initial capital Investment, and any remaining Income or loss is shared equally. On October 20, Eckert withdrew $34,000 cash and Kelley withdrew $20,000 cash. After adjusting and closing entries are made to the revenue and expense accounts at December 31, the Income Summary account had a credit balance of $90,000. Required: 1a. & 1b. Prepare Journal entries to record the partners' Initial capital Investments and their subsequent cash withdrawals. 1c. Determine the partners' shares of income, and then prepare Journal entries to close Income Summary and the partners' withdrawals accounts 2. Determine the balances of the partners' capital accounts as of December 31. Complete this question by entering your answers in the tabs below. Reg 1A and 13 Req IC Reg2 Prepare journal entries to record the partners' Initial capital investments and their subsequent cash withdrawals. View transaction list Journal entry worksheet 2 Journal entry worksheet Pro Journal entry worksheet withdrawals accounts. (Enter all allowances as positive values. Enter losses as negative values.) Allocation of Partnership incomo Loker Kolly Tore Net Income Salary allowances Balance of income Interest allowances Balance of income Balance allocated equally Balance of income Shares of the partners Debit Credit Date General Journal Record the entry to close the partners withdrawals accounts. Dec 31 Record the entry to close the income summary account. Dec 31 Roq 1A and 1B Reg 2 > P.com 5 of 3 Next > WITH UNIWCH YOU, VOYEUR withdrew 534,000 cash and Kelley withdrew $20,000 cash. After adjusting and closing entries are made to the revenue and expense accounts at December 31, the Income Summary account had a credit balance of $90,000. Required: 19. & 1b. Prepare journal entries to record the partners' Initial capital investments and their subsequent cash withdrawals. tc. Determine the partners' shares of income, and then prepare journal entries to close Income Summary and the partners withdrawals accounts 2. Determine the balances of the partners' capital accounts as of December 31 Complete this question by entering your answers in the tabs below. Req 1A and 10 Reg 10 Reg 2 Determine the balances of the partners capital accounts as of December 31. Eckert Kolley Capital Ascount Initial investment Withdrawal Share of income Ending balances