Liam and Katano formed a partnership to open a sushi restaurant by investing $111,000 and $121,000, respectively. They agreed to: share profit based on an allocation to Liam of an annual salary allowance of $166,000, interest allowance to both Liam and Katano equal to 15% of their beginning of year capital balance, and any balance based on a 13 ratio, respectively. At the end of their first year, December 31, 2020, the Income Summary had a credit balance of $46,000. Liam withdrew $23,000 during the year and Katano $40,000 Required: 1. Determine each partner's share if the first-year profit was $46,000. 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 Share to Liam Share to Katano Total Act Go Next >