Reculred. 4cecurtis 2. Octeimine the belances of the bertres icepersi acrounth as of Doccober at: Determine the partners' shares of income, and then prepare journal entries to close Income Summary and the partners' withdrawals accounts. (Enter all allowances as positive values. Enter losses as negative values.) Determine the balances of the partners' Capital accounts as of De On March 1, Eckert and Kelley formed a partnership. Eckert contributed $92,000 cash, and Kelley contributed land valued at $73,600 and a bulding valued at $103,600. The partnership also took Kelley's $82,000 long-term note payable associated with the land and buliding. The partners agreed to share income as follows: Eckert gets an annual salary allowance of $31,500, both get an annual interest allowance of 12% of their initial capital investment, and any remaining income or loss is shared equally. On October 20 , Eckert withdrew $30,000 cash and Kelley withdrew $23,000cash. First year income was $75,000 Required: 1a. \& 1b. Prepare journal entries to record the partners' initial capital investments and their subsequent cash withdrawals. 1c. Determine the partners' shares of income, and then prepare journal entries to close Income Summary and the partners' withdrawals accounts. 2. Determine the balances of the partners' capital accounts as of December 31 . Complete this question by entering your answers in the tabs below. Determine the balances of the partners' capital accounts as of December 31. Determine the partners' shares of income, and then prepare journal entries to close Income Summary and the partners' withdrawals accounts. (Enter all allowances as positive values. Enter losses as negative values.) Determine the balances of the partners' capital accounts as of December 31 . Reculred. 4cecurtis 2. Octeimine the belances of the bertres icepersi acrounth as of Doccober at: Determine the partners' shares of income, and then prepare journal entries to close Income Summary and the partners' withdrawals accounts. (Enter all allowances as positive values. Enter losses as negative values.) Determine the balances of the partners' Capital accounts as of De On March 1, Eckert and Kelley formed a partnership. Eckert contributed $92,000 cash, and Kelley contributed land valued at $73,600 and a bulding valued at $103,600. The partnership also took Kelley's $82,000 long-term note payable associated with the land and buliding. The partners agreed to share income as follows: Eckert gets an annual salary allowance of $31,500, both get an annual interest allowance of 12% of their initial capital investment, and any remaining income or loss is shared equally. On October 20 , Eckert withdrew $30,000 cash and Kelley withdrew $23,000cash. First year income was $75,000 Required: 1a. \& 1b. Prepare journal entries to record the partners' initial capital investments and their subsequent cash withdrawals. 1c. Determine the partners' shares of income, and then prepare journal entries to close Income Summary and the partners' withdrawals accounts. 2. Determine the balances of the partners' capital accounts as of December 31 . Complete this question by entering your answers in the tabs below. Determine the balances of the partners' capital accounts as of December 31. Determine the partners' shares of income, and then prepare journal entries to close Income Summary and the partners' withdrawals accounts. (Enter all allowances as positive values. Enter losses as negative values.) Determine the balances of the partners' capital accounts as of December 31
