On March 1, Eckert and Kelley formed a partnership, Eckert contributed $91,000 cash, and Kelley contributed land valued at $72,800 and a building valued at $102,800. The partnership also took Kelley's $81,000 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 $28,500, 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 $29,000 cash and Kelley withdrew $22,000 cash. After adjusting and closing entries are made to the revenue and expense accounts at December 31, the income Summary account had a credit balance of $88,000 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 Reg 2 Determine the balances of the partners' capital accounts as of December 31. Capital Account Eckert Balances Kelley Initial investment 91,000 $ 94,600 Withdrawals 29,000 22,000 Share of income 59,588 31,412 Ending balances $ 121,568 $ 104,012 Reg 1A and 18 Req 10 Reg 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.) Allocation of Partnership Income Eckert Kelley Total $91,000 28,500 $28,500 8,190 8,514 Net Income Salary allowances Talance of income Interest allowances Balance of income Balance allocated equally Balance of income Shares of the partners 16,704 45,796 45.796 $ 0 22,898 22.898 $59,588 $ 31,412 Debit Credit Date General Journal Record the entry to close the partners withdrawals accounts. Dec 31 Eckert , Capital Kelley, Capital Eckert. Withdrawals Kelley. Withdrawals OOO 29,000 22.000 29,000 22,000 Record the entry to close the income summary account Dec 31 Income summary Eckert, Capital Kelley, Capital 91.000 59,588 31,412