Keith Williams and Brian Adams were students when they formed a partnership several years ago for a part-time business called Music Works. Adjusted trial balance information for the year ended December 31, 2020, appears below. Account Accounts payable Accumulated depreciation Brian Adams, capital** Brian Adams, withdrawals Cash Equipment Expenses Balance* Account $ 11,000 Keith Williams, capital** 90,000 Keith Williams, withdrawals 37,000 Note payable, due May 2022*** 75,000 Office supplies 226,000 Revenues 330,000 Utilities payable 117,000 Balance* $ 43,300 65,000 150,000 31,000 510,000 2,700 *Assume all account balances are normal. **The partners made no investments during the year. ***$55,000 of the note payable is due in May 2021. Required: 1. Prepare calculations that show how the profit should be allocated to the partners assuming the partnership agreement states that profit/(losses) are to be shared by allowing a $105,000 per year salary allowance to Williams, a $165,000 per year salary allowance to Adams, and the remainder on a 3:2 ratio. (Leave no cell blank. Enter "o" when the answer is zero.) Williams Adams Total Profit $ 0 Salary allowance Balance of profit to be allocated Balance allocated on a 3:2 ratio Balance of profit Shares of the partners O 2. Prepare the journal entry to close the Income Summary account to the partners' capital accounts. View transaction list Journal entry worksheet 1 > Record the closing of profit to capital. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31, 2020 Record entry Clear entry View general journal 3. Prepare a statement of changes in equity and a classified balance sheet. MUSIC WORKS Statement of Changes in Equity For Year Ended December 31, 2020 Williams Adams Total Total 0 $ 0 $ 0 MUSIC WORKS Balance Sheet December 31, 2020 Assets Current assets: $ 0 Total current assets Property, plant and equipment: Total assets $ 0 Liabilities Current liabilities: $ 0 Total current liabilities Non-current liabilities: Total liabilities $ 0 Equity Total equity 0