On March 1, Eckert and Kelley formed a partnership. Eckert contributed $89,000 cash, and Kelley contributed land valued at $71,200 and a building valued at $101,200. The partnership also took Kelley's $79,000 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 $31,500, both get an annual interest allowance of 10% of their initial capital investment, and any remaining income or loss is shared equally. On October 20, Eckert withdrew $30,000 cash and Kelley withdrew $23,000 cash. First year income was $98,000. 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1A and 18 Req 1C Req 2 Determine the partners' shares of income, and then prepare journal entries to close Income Summary and the partners' withdrawals accounts. (Enter all allowances as positive values. Enter losses as negative values.) Net Income Salary allowances Allocation of Partnership Income Eckert Kelley Total $98,000 31 500 31.500 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 $98,000 $31,500 31,500 9,790 x 10,274 20,064 38,936 19,468 19,468x 38,936 $ 0 $60,758 $29,742 Date General Journal Debit Credit Record the entry to close the partners' withdrawals accounts. Dec 31 Eckert, Capital 30,000 Kelley, Capital 23,000 Eckert, Withdrawals 30,000 Kelley, Withdrawals 23,000 Record the entry to close the income summary account. Dec 31 Income summary Eckert, Capital Kelley, Capital 98,000 60,258 29,742