Partnership entries and statement of partnership equity for the year was $$108,000.$ Revenues were $$529,000,$ and expenses were $$421,000.$ The articles of partnership make no reference to the division of net income.

a$.$ Journalize the entry to close the revenues and expenses. If an amount box does not require an entry, leave it blank.

Journalize the entry to close the drawing accounts. If an amount box does not require an entry, leave it blank.

b$.$ Prepare a statement of partnership equity for the current year for the partnership of Khan and Palovich. If an amount is zero or a blank, enter in $0.$

Khan and Palovich

Statement of Partnership Equity For the Year Ended December $31,20$ Y$4$

$\backslash$table$[[$Line Item Description,$\backslash$table$[[$Hassan$],[$Khan$],[$Balances$,$ January $1,20Y4$