Instructions The capital accounts of Angel Alvarez and Emma Allison have balances of $45,730 and $70,240, respectively, on January 1, 2014, the beginning of the fiscal year. On March 10, Alvarez invested an additional $7,700. During the year, Alvarez and Allison withdrew $32,920 and $38,850, respectively, and net income for the year was $62,000. Revenues were $483,000, and expenses were $421,000. The articles of partnership make no reference to the division of net income. Required: A. Journalize the entries to close (1) the revenues and expenses and (2) the drawing accounts on December 31. Refer to the Chart of Accounts for exact wording of account titles B. Prepare a statement of partnership equity for the current year for the partnership of Alvarez and Allison. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Instructions The capital accounts of Angel Alvarez and Emma Allison have balances of $45,730 and $70,240, respectively, on January 1, 2014, the beginning of the fiscal year. On March 10, Alvarez invested an additional $7,700. During the year, Alvarez and Allison withdrew $32,920 and $38,850, respectively, and net income for the year was $62,000. Revenues were $483,000, and expenses were $421,000. The articles of partnership make no reference to the division of net income. Required: A. Journalize the entries to close (1) the revenues and expenses and (2) the drawing accounts on December 31. Refer to the Chart of Accounts for exact wording of account titles B. Prepare a statement of partnership equity for the current year for the partnership of Alvarez and Allison. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries