On March $1,$ Eckert and Kelley formed a partnership. Eckert contributed $$95,000$ cash, and Kelley contributed land valued at $$76,000$ and a building valued at $$106,000.$ The partnership also took Kelley's $$85,000$ long$-$term note payable associated with the land and building. The partners agreed to share income as follows: Eckert gets an annual salary allowance of $$28,500,$ both get an annual interest allowance of $8\%$ of their initial capital investment, and any remaining income or loss is shared equally. On October $20,$ Eckert withdrew $$31,000$ cash and Kelley withdrew $$24,000$ cash. First year income was $$83,000.$

Required:

$1$a$.$ & $1$b$.$ Prepare journal entries to record the partners' initial capital investments and their subsequent cash withdrawals.

$1$c$.$ Determine the partners' shares of income, and then prepare journal entries to close Income Summary and the partners' withdrawals accounts.

$2.$ Determine the balances of the partners' capital accounts as of December $31.$

Complete this question by entering your answers in the tabs below.

Req $1$A and $1B$

Prepare journal entries to record the partners' initial capital investments and their subsequent cash withdrawals.

Journal entry worksheet

$1$

$2$

Record the partners' initial capital investment.

Note: Enter debits before credits.

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