On March 1, Eckert and Kelley formed a partnership. Eckert contributed $97,000 cash, and Kelley contributed land valued at $77,600 and a building valued at $107,600. The partnership also took Kelley's $87,000 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 $29.500, both get an annual interest allowance of 9% 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 $76,000 Required: 16. & 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 withdrawa 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 1A and 1B Req 1C Req 2 Prepare journal entries to record the partners' initial capital investments and their subsequent cash withdrawals. View transaction list Journal entry worksheet 1 2 Record the partners' initial capital investment. Note: Enter debits before credits Date March 01 General Journal Debit Credit Record entry Clear entry View general journal Neg 1A and fil Req 1C >> On March 1. Eckert and Kelley formed a partnenbip. Eckert contributed $97000 cash, and Kelley contributed land valued $77.000 and a building valued at $107600. The partnership also took Kelley's $87.000 long-term note peyeble associated with the land and building. The partners agreed to share income as follows: Eckert gets an annual salary allowance of $29.500, both get an annual interest allowance of 9% of their intial capital investment, and any remaining income or loss is shared equally On October 20 withdrew $30,000 cash and Keley withdrew $23.000 cash First year income was $76.000 Dequired: 16. & th. Prepare joumal entries to record the partners initial capital investments and their subsequent cash withdrawals 16. Determine the pannen' shares of income, and then prepare joumal entries to close Income Summary and the partners withdraw 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. 14 and 10 C Journal entry worksheet < 2 Recond the cash withdrawal of Eckert ($30,000) and alley ($2,000) Dale Or General Jual D Cl Cleary On March 1, Eckert and Kelley formed a partnership. Eckert contributed $97,000 cash, and Kelley contributed land valued at $77.600 and a building valued at $107,600. The partnership also took Kelley's $87,000 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 $29,500, both get an annual interest allowance of 9% 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 $76,000. 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. Complete this question by entering your answers in the tabs below. Req 1A and 18 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 Eckert Kelley $ 0 $