Liam and Katano formed a partnership to open a sushi restaurant by Investing $115,000 and $125,000, respectively. They agreed to share profit based on an allocation to Liam of an annual salary allowance of $170,000, 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 $50,000. Liam withdrew $27,000 during the year and Katano $44,000. Required: 1. Determine each partner's share if the first-year profit was $50,000. 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.) Total salaries and interest allocation Balance of profit Remainder 1:3 ratio: Balance of profit Shares of each partner View transaction list Journal entry worksheet < 1 Share to Liam Share to Katano Total Record the transfer of profit to partners' capital accounts. Note: Enter debits before credits. Date December 31, 2020 General Journal Debit Credit Record entry Clear entry View general journal 2. Calculate the balance in each partner's capital account at the end of their first year. (Negative answers (l.e. debit account balances) should be indicated by a minus sign.) Capital account balances Liam Katano