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, 2023, 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 2025*** 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 2024. 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.) Profit Salary allowance Balance of profit to be allocated es Balance allocated on a 3-2 ratio Balance of profit Shares of the partners Williams Adams Total 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. Date Dec 31, 2023 General Journal Debit Credit 3. Prepare a statement of changes in equity and a classified balance sheet. Total MUSIC WORKS Statement of Changes in Equity For Year Ended December 31, 2023 Williams Adams Total Current assets: MUSIC WORKS Balance Sheet December 31, 2023 Assets Total current assets Property, plant, and equipment: Total assets Liabilities Current liabilities: