Liam and Katano formed a partnership to open a sushi restaurant by Investing $96,000 and $106,000, respectively. They agreed to share profit based on an allocation to Llam of an annual salary allowance of $151,000, Interest allowance to both Llam and Katano equal to 20% 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 $31,000 Liam withdrew $8,000 during the year and Katano $25,000 Required: 1. Determine each partner's share if the first-year profit was $31,000. 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 slgn.) Share to Liam Share to Katano Total Total salaries and interest allocation Balance of profit Remainder 13 ratio Balance of profit Shares of each partner View transaction list Journal entry worksheet Record the transfer of profit to partners' capital accounts. Note Enter debits before credits Date General Journal Debit Credit December 31, 2020 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.) Liam Katano Capital account balances