right answer please

Exercise 11-8 Profit allocation, statement of changes in equity, balance sheet LO3 Keith Williams and Brian Adams were students when they formed a partnership several years ago for a part-time business called Music Works. Adjusted trial balance information for the year ended December 31, 2020, appears below. es Account Accounts payable Accumulated depreciation Brian Adams, capital** Brian Adams, withdrawals Cash Equipment Expenses Balance $ 10,100 81,000 28,000 66,000 215, 200 312,000 108,000 Account Keith Williams, capital** Keith Williams, withdrawals Note payable, due May 2022*** Office Supplies Revenues Utilities payable Balance $ 34,300 56,000 132,000 22,000 492,000 1,800 'Assume all account balances are normal. **The partners made no investments during the year. ***$46,000 of the note payable is due in May 2021 Required: 1. Prepare calculations that show how the profit should be allocated to the partners assuming the partnership agreement states that profit(losses) are to be shared by allowing a $96,000 per year salary allowance to Williams, a $156,000 per year salary allowance to Adams, and the remainder on a 3.2 ratio. (Leave no cell blank. Enter "O" when the answer is zero.) Williams Adams Total Profit Salary allowance Balance of profit to be allocated Balance allocated on a 3:2 ratio 0 s 0 0 :) U Balance of protIt to be allocated Balance allocated on a 32 ratio Balance of profit Shares of the partners 0 2. Prepare the journal entry to close the Income Summary account to the partners' capital accounts View transaction list Journal entry worksheet 1 Record the closing of profit to capital. Note inter debits before credits Date General Journal Dec 31, 2020 Debat Credit 3. Prepare a statement of changes in equity and a classified balance sheet. MUSIC WORKS Statement of Changes in Equity For Year Ended December 31, 2020 els Williams Adams Total Total $ 0 $ 0 $ 0 MUSIC WORKS Balance Sheet December 31, 2020 Assets Current assets: Total current assets $ Property, plant and equipment: 0 Total assets $ 0 Liabilities Current liabilities: Total current liabilities Non-current liabilities: S 0 Total liabilities 5 0 Total assets $ 0 Liabilities Current liabilities: Total curre liabilities Non-current liabilities $ 0 Total liabilities $ 0 Equity Total equity Total liabilities and equity 0 $