Question 7 [10 points] On January 1, 2015 partners Jan Taylor, Stan Frey and Travis McAllister had capital balances of $57,000, $15,000 and $48,000 respectively. During 2015 the partners made the following investments: Jan Taylor, $140,000: Stan Frey, $110,000; and Travis McAllister, $120,000. Also, Jan Taylor withdrew cash of $18,000, Stan Frey withdrew $39,000 and Travis McAllister withdrew S42,000. The company has a December 31 year end. In addition, the following schedule shows how net loss is allocated. Total (47,500) Jan Taylor Stan Frey Travis McAllister Net loss Salaries : 15,000 27,000 24,000 Interest : 7.000 5,500 6,000 Total salary and interest : 22,000 32,500 30,000 Remainder to be allocated : Remainder allocated between partners : (44,000) (44,000) (44,000) Balance of net loss to be allocated: Total to be allocated to each partner: (22,000) (11,500) (14,000) (84,500) (132,000) 132,000 0 (47,500) 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 Date Account/Explanation F Debit Credit Page GJ2 N b) Calculate the post-closing balance in each partners' capital account Jan Taylor, Capital Stan Frey, Capital Travis McAllister, Capital