Partnership Entries and Statement of partnership Equity The capital accounts of Angel Alvarez and Emma Allison have balances of $82,000 and $57,000, respectively, on January 1, 2014, the beginning of the fiscal year. On March 10, Alvarez invested an additional $9,000. During the year, Alvarez and Allison withdrew $42,000 and $34,000, respectively, and net income for the year was $108,000. Revenues were $529,000, and expenses were $121,000. The articles of partnership make no reference to the division of net income. a. Journalize the entry to close the revenues and expenses. For a compound transaction, if an amount box does not require an entry, leave it blank. Journalize the entry to close the drawing accounts. For a compound transaction, if an amount box does not require an entry, leave it blank. Emma Allison Total b. Prepare a statement of partnership equity for the current year for the partnership of Alvarez and Allison. If an amount is zero or a blank, enter in 0. Menendez and Breeden Statement of Partnership Equity For the Year Ended December 31, 2014 Angel Alvarez Balances, January 1, 2014 Additional investment during the year Net income for the year Withdrawals during the year Balances, December 31, 2014