On March 1, Eckert and Kelley formed a partnership. Eckert contributed $81,000 cash, and Kelley contributed land valued at $64,800 and a building valued at $94,800. The partnership also took Kelley's $71,000 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 $31,000, 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 $32.000 cash and Kelley withdrew $25,000 cash. First year income was $75.000.

Required:

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

1c. 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.

On March 2, Eckert and Kelley formed a partnership. Eckert contributed $81,000cash, and Kelley contributed land valued at $64,800 and a building valued at $94,800. The parthership also took Kelley's $71,000 long iterm note payable assoclated with the land and bullding The parthers agreed to shate income as follows. Eckert gets an annual salary allowance of $31,000, 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 $32000 cash and Kelley withdrew $25,000 cash. First year income was $75,000 Required: 1a. \& 1b. Prepare joumal entries to record the partners' initial capital investments and their subsequent cash withdrawals, 1c. Determine the partners' shares of income, and then prepare joumal 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. Prepare journal entries to record the partners' initial captal investments and their subsequent cash withdrawals. Journal entry worksheet Determine the partnerst shares of income, and then prepare journal entries to close income summary and the partners' withdrawals accounts. Note: Enter all allowaides as positive values. tnter losses as regative values. On March 1, Eckert and Kelley formed a partnership. Eckert contributed $81,000 cash, and Kelley contributed land valued at $64,800 and a building valued at $94,800. The parthership also took Kelley's $71,000 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 $34,000, both get an annual interest allowance of 8% of their initia capital investment, and any remaining income or loss is shared equally. On October 20 . Eckert withdrew $32,000 cash and Kelley withdrew $25,000 cash First year income was $75,000 Required: 1a. \& 1b. Prepare journal entries to record the partners' initial capital investments and their subsequent cash withdrawals: 1c. Determine the parther's' shares of income, and then prepare journal entries to close income Summary and the partners' withdrawals accounts. 2. Determine the balances of the partner's' capital accounts as of December 31 Complete this question by entering your answers in the tabs below. Determine the balances of the partners' capital accounts as of December 31