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 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. " Reg SA and 18 Determine the partners' shares of income, and then prepare journal entries to close Income Summary and the partners withdrawals accounts. Tete: Enter all allowances as positive values. Enter losses as negative values Net income Salary allowances Balance of income Interest lowances Balance of incime Balance allocated equally Balance of income Shares of the partners Allocation of Partnership Income Eckert Kelley Total 01 Sess Date General Journal Record the entry to close the partners' withdrawals accounts. Dec 31 Record the entry to close the income summary account. Dec 31 Debit Credit