On March 1, 2015. Eckert and Kelley formed a partnership. Eckert contributed 582.500 cash and Kelley Exercis contributed land valued at $60,000 and a building valued at $100,000. The partnership also assumed re- Journal sponsibility for Kelley's $92,500 long-term note payable associated with the land and building. The part- transact ners agreed to share income as follows: Eckert is to receive an annual salary allowance of $25.000, both P2 are to receive an annual interest allowance of 10% of their beginning-year capital investment, and any remaining income or loss is to be shared equally. On October 20, 2015. Eckert withdrew $34.000 cash and Kelley withdrew $20,000 cash. After the adjusting and closing entries are made to the revenue and ex- pense accounts at December 31, 2015, the Income Summary account had a credit balance of $90.000 1. Prepare journal entries to record (a) the partners' initial capital investments, (b) their cash withdraw- als, and (c) the December 31 closing of both the Withdrawals and Income Summary accounts. 2. Determine the balances of the partners' capital accounts as of December 31, 2015 mell her $100.000 equity in the Exerc Check