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 11% of their initial capital investment, and any remaining Income or loss is shared equally. On October 20, Eckert withdrew $29,000 cash and Kelley withdrew $22,000 cash. First year income was $79,000, Required: 18. & 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1A and 1B Req 1C Req 2 Prepare journal entries to record the partners' initial capital investments and their subsequent cash withdrawals. No Date 1 March 01 Cash Land Building General Journal 000 Debit Credit 81,000 64.800 94,8001 che 0 >> E R T U P D F G H J K L CV B N M Net Income Salary allowances Balance of income Interest allowances Balance of income Balance allocated equally Balance of income Shares of the partners Allocation of Partnership Income Eckert Kelley Total $95,000 $29,000 $ 0 29,000 66,000 8,100 8,860 16,960 49,040 24,520 24,520 49,040. S 0 $61,620 $33,380 Date General Journal Debit Credit Record the entry to close the partners' withdrawals accounts Dec 31 Eckert, Capital Kelley, Capital 30,000 x 23,000 ( Eckert, Withdrawals Kelley, Withdrawals Record the entry to close the income summary account Dec 31 Income summary Eckert, Capital Kelley, Capital 30,000 23,000 95,000 61,620 33,380 < Prev 14 of 23 Next > Dunung. The partitis ayiceu tu saIC ILUNIC as IUIUWS. LUACIL YEL ai dirual salary alluval interest allowance of 11% of their initial capital investment, and any remaining income or loss is withdrew $29,000 cash and Kelley withdrew $22,000 cash. First year income was $79.000. Required: 1a. & 1b. Prepare journal entries to record the partners' initial capital investments and their sub 1c. Determine the partners' shares of income, and then prepare journal entries to close Income accounts. 2. Determine the balances of the partners' capital accounts as of December 31. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1A and 1B Req 1C Req 2 Determine the balances of the partners' capital accounts as of December 31. Capital Account Balances Initial investment Withdrawals Share of income Ending balances S Eckert 0 S Kelley