need to be solved in 30mins or less

Liam and Katano formed a partnership to open a sushi restaurant by investing $98.000 and $108,000, respectively. They agreed to share profit based on an allocation to Liam of an annual salary allowance of $153,000 interest allowance to both Liam and Katano equal to 12% 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 $33,000. Liam withdrew $10,000 during the year and Katano $27.000 Required: 1. Determine each partner's share if the first-year profit was $33,000. 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) Share to Share to Katano Total $ 0 $ 0 0 Total salaries and interest allocation Balance of profit $ 0 O Remainder 13 ratio Balance of profit Shares of each partner S 0$ 05 0 View transaction list Journal entry worksheet >