Question 1- Journalizing partnership entries On April 1, 2020 Harry Regal and Meghan Merie formed a partnership in Alberta, renting reusable moving boxes. Regal Merle Contribution 97,000 cash 137,000 land 50,000 building Profit sharing 107,000 salary allowance 15% of original capital investments 15% of original capital investments Balance shared equally Cash withdrawal during year 77,000 62.000 Net income during the year was $177,000 and was in the income summary account. Required: 1. Present the journal entries to record the initial capital investments of the partners, their cash withdrawals and the December 31 closing of the income summary and withdrawals accounts. 2. Determine the balances of the partners capital accounts as of end of 2020