On March 1, Eckert and Kelley formed a partnership. Eckert contributed $83,000 cash, and Kelley contributed land valued at $66,400 and a building valued at $96,400. The partnership also took Kelleys $73,000 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 $30,000, both get an annual interest allowance of 11% of their initial capital investment, and any remaining income or loss is shared equally. On October 20, Eckert withdrew $28,000 cash and Kelley withdrew $21,000 cash. First year income was $84,000.

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.

For 1c, find total net inc., salary allowances for Eckert & Kelley, balance of inc, interest allowances for Eckert & Kelley, balance of income, balance allocated equally (both of them),

so far I have established that the net income is $84,000, salary allowance from Eckert is $30,000 (none from Kelley), balance of income is $54,000, and interest allowances is $9,130 for Eckert. I cannot find the interest allowance for Kelley, nor can I find the rest of the information I mentioned above.

I am resubmitting this question from 30 min earlier b/c the professional who answered it incorrectly used $99,000 as the net income instead of $84,000 and it threw off everything else. I'd like to inquire about getting that question back

For formatting, do it to the best of your abilities and I will change it to the my own. Sorry for the inconvenience; I tried uploading a picture, but the file was too big.