Partnership Entries and Statement of Partnership Equity The capital accounts of Angel Alvarez and Emma Allison have balances of 547,000 and $73,000, respectively, on January 1, 2014, the beginning of the fiscal year. On March 10, Alvarez invested an additional $8,000. During the year, Alvarez and Alison withdrew 532,000 and $39,000, respectively, and net income for the year was $62,000. Revenues were $483,000, and expenses were $421,000. The articles of partnership make no reference to the division of net income . Journalize the entry to close the revenues and expenses. For a compound transaction, it an amount box does not require an entry, leave it barik. Revenues Expenses Angel Alvarez, Capital Emma Allison Capital 121.000 73.000 x 73.000 X Foodlack Oh My Wor a Close revenue and expenses to the capital accounts. Close the drawing accounts to the capital accounts Journalize the entry to dose the drawing accounts for a compound transaction, an amount box does not require an entry, but Angel Alvarez, Capital Emma Allison, Capital llll Angel Alvares, Drawing Emma Allison, Drawing 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. Alvarez and Allison Statement of Partnership Equity For the Year Ended December 31, 2014 Angel Alvarez Emma Allison Total Balances, January 1, 2014 Additional investment during the year Net Income for the year Withdrawals during the year Balances, December 31, 2014 Feedback LOW b. Set up a column for each partner and a total column. Include additional investments, net income allocations, and subtract withdrawals to obtain ending capital for each partner and the total equity F My Wor Partially correct