Liam and Katano formed a partnership to open a sushi restaurant by Investing $107,000 and $117.000, respectively. They agreed to share profit based on an allocation to Ljam of an annual salary allowance of $162,000, Interest allowance to both Liam and Katano equal to 15% of their beginning of year capital balance, and any balance based on a 1:3 ratio, respectively. At the end of their first year, December 31, 2020, the Income Summary had a credit balance of $42,000. Llam withdrew $19,000 during the year and Katano $36,000 Required: 1. Determine each partner's share if the first-year profit was $42,000. Prepare the entry to close the Income Summary on December 31, 2020. (Leave no cell blank. Enter "o" when the answer is zero. Negative answers should be indicated by a minus sign.) Share to Liam Share to Katano Total Total salaries and interest allocation Balance of profit Remander 13 ratio Balance of profit Shares of each partner View transaction list Journal entry worksheet