Liam and Katano formed a partnership to open a sushi restaurant by investing $114,000 and $124,000, respectively. They agreed to share profit based on an allocation to Liam of an annual salary allowance of $169,000, interest allowance to both Liam and Katano equal to 12% 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 $49,000. Liam withdrew $26,000 during the year and Katano $43,000. Required: 1. Determine each partner's share if the first-year profit was $49,000. Prepare the entry to close the Income Summary on December 31, 2020. (Leave no cell blank. Enter "0" when the answer is zero. Negative answers should be indicated by a minus sign.) Profit Salary allowances Interest allowances Total salaries and interest allocation Balance of profit Share to Liam Share to Total Katano $ 49,000 $ 169,000 $ 0 114,000 124,000 283,000 $ 124,000 (407,000) $ (358,000) Remainder 1:3 ratio: Balance of profit Shares of each partner 0 $ 283,000 $ 124,000 $ 49,000