On March 2, 2020, Zoe Moreau, Karen Krneta, and Veronica Visentin start a partnership to operate a personal coaching and lifestyle consulting practice for professional women. Zoe will focus on work-life balance issues, Karen on matters of style, and Veronica on health and fitness. They sign a partnership agreement to split profits in a 3:2:3 ratio for Zoe, Karen, and Veronica, respectively. The following are the transactions for IVANHOE Personal Coaching: 2020 Mar. 2 The partners contribute assets to the partnership at the following agreed amounts: Z. Moreau K. Krneta V. Visentin Cash $15,500 $10,100 $20,100 Furniture 16,800 Equipment 17,950 13,350 Total $33,450 $26,900 $33,450 They also agree that the partnership will assume responsibility for Karens note payable of $4,600. Dec. 20 Zoe, Karen, and Veronica each withdraw $30,100 cash as a year-end bonus. No other withdrawals were made during the year. 31 Total profit for 2020 was $111,000. 2021 Jan. 5 Zoe and Veronica approve Karens request to withdraw from the partnership for personal reasons. They agree to pay Karen $15,350 cash from the partnership. 6 Zoe and Veronica agree to change their profit-sharing ratio to 4:5, respectively. Dec. 20 Zoe and Veronica withdraw $42,200 and $44,700 cash, respectively, from the partnership. 31 Total profit for 2021 was $123,750. 2022 Jan. 4 Zoe and Veronica agree to admit Dela Hirjikaka to the partnership. Dela will focus on providing training in organizational skills to clients. Dela invests $31,200 cash for 25% ownership of the partnership. Record the above transactions. For the profit recognized each year, calculate how it is to be allocated and record the closing of the Income Summary account. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 2020 Mar. 2 (Invest assets in business.) Mar. 2 (Invest assets in business.) Mar. 2 (Invest assets in business.) Dec. 20 (Record cash drawings.) Dec. 31 (To close Income Summary.) 2021 Jan. 5 (To record withdrawal of partner.) Dec. 20 (To record cash drawings.) Dec. 31 (To close Income Summary.) 2022 Jan. 4 (To record admission of partner.) Prepare the partners' equity section of the balance sheet after Dela is admitted to the partnership. IVANHOE PERSONAL COACHING Balance Sheet (Partial) $