Question 7 [10 points] On January 1, 2015, Andrew Martin, Tracy Regis, and Sandra Castell formed a partnership by investing $110,000, $140,000, and $120,000 respectively. During the remainder of the year, Andrew Martin withdrew cash of $15,000, Tracy Regis withdrew $30,000 and Sandra Castell withdrew $15,000. In addition, the following schedule shows how net income is allocated. Andrew Martin Tracy Regis Sandra Castell Total 123,500 15,000 5,500 20,500 27,000 7,000 34,000 15,000 6,000 21,000 Net income Salaries Interest Total salary and interest: Remainder to be allocated : Remainder allocated between partners Balance of net income to be allocated: Total to be allocated to each partner: (75,500) 48,000 (48,000) 0 16,000 16,000 16,000 36,500 50,000 37,000 123,500 a) Prepare the entry to close the income summary account. Enter an appropriate description and the date in the format dd/mmm (ie. 15/Jan). General Journal Page GJ2 Date Account/Explanation F Debit Credit + - b) Calculate the post-closing balance in each partners' capital account. Andrew Martin, Capital Tracy Regis, Capital Sandra Castell, Capital